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Subject. We consider venture investment as one of the most relevant tools for innovative system development in the Russian Federation. Objectives. The purpose of the study is to analyze relationships between the Russian venture capital market and the innovative development of the Russian economy. Methods. The study draws on the systems and situational approaches (analysis of the current state of the system in the direction of its development), logical and retrospective analysis, synthesis, method of tabular and graphical analysis. We also employ the factor and correlation analysis. Results. The study considers theoretical foundations for venture financing. We provide a summary table, reflecting the characteristics of project stages for company development, and distribution of investors by these stages. We performed the analysis of the venture investment market in Russia, revealed the most attractive stages of company development and investment niches, considered the status of innovation-driven economy of Russia, and conducted a correlation analysis of relationship between indicators of the Russian venture capital market and indicators of innovative development of the country. Conclusions. Developing the venture capital ecosystem and the algorithm for attracting venture capital investors to finance innovation projects has a direct impact on and enhances the country's innovative activities. It will also enable to increase the number of successfully implemented projects.