Russian Start-Ups: Russian tech firms turning to Asia for capital & customers

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Russian start-ups are competing for hundreds of millions of dollars of investment this week at a conference in Singapore. Organisers say that there's a trend of Russian firms looking for capital and customers in Asia, as relations with Europe and the US become fraught. Lucy Taylor reports from Moscow.

Four wheels good, two wheels better, and now even pedal bikes are going up a gear. This firm adds electric power to ordinary bikes.

"The difference is that it helps you to go uphill or go a bit faster."

And it's been going for just three years.

LUCY TAYLOR MOSCOW "Russia wants to encourage start-ups like this one, especially in the technology sector, because they could help to move its economy away from reliance on oil and gas. But launching a business here isn't always an easy ride."

This company needs more capital and new customers. And so they've decided to head in a different direction. They're searching for new partners and new markets in Asia.

OLEG EVSEENKOVCEO, ECZO BIKE "90% of the market is there. So for now, we work in Europe, but we plan to go to Asia."

They have already pitched to the presidents of Russia and China. This week they're in Singapore, where there's 300 million dollars of investment on offer. They're part of a wave of start-ups looking to Asia, as Russia grapples with economic sanctions and uncertainty.

NATALIA KARMALEEVA RUSSIAN-ASIAN BUSINESS UNION "Singapore is a gateway to South East Asia, and to all of Asia. And it's actually a gateway to the US as well because of the bank transactions. And if we look at the political situation, because of all the sanctions, Singapore is more loyal than the USA."

The challenge will be working out how to operate in a whole new market far away. But this firm appears well-placed to go the extra mile. Lucy Taylor, CGTN, Moscow.