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AVentures DealBook 2020

An annual overview of the Ukrainian tech investment industry // covering 2019

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DealBook of Ukraine
2020 edition
Covering tech investment deals since
2014
2
Intro
AVentures Capital presentsThe DealBook of Ukraine –
2020 edition
The DealBook is our annual overview of the Ukrainian
tech investment industry.This edition comprehensively
covers the full year 2019
We would like to cordially thank all the market
participants who contributed their insights to the report
DealBook of Ukraine
Previous editions
Other reports on Ukrainian tech
Our joint reports with industry partners
3
Co-founder & managing partner
ys@aventurescapital.com
Associate
yv@aventurescapital.com
Yevgen Sysoyev
YevheniiVashchuk,CFA
Founded in 2012, we are a leading tech investment
fund and M&A advisory firm focused on global
companies that leverage R&D in Ukraine andCEE
With over 20 companies in its portfolio, AVentures
Capital backs talented entrepreneurs from Ukraine
and CEE to fuel their global expansion in the US and
EU markets
Associate
yuliya@aventurescapital.com
Yuliya Sychikova
AVentures Capital Authors of the report
4
Inaccuracies and updates
Even though we have done our best to provide accurate and complete information, we recognize the limits of such industry reporting. We will be pleased
to receive any corrections, notices of inaccuracies or information on deals we may have missed.
New and updated data will be included in the next publication, improving the level of detail and the quality of the report.
Please submit corrections, updates and/or suggestions to yuliya@aventurescapital.com. Our thanks in advance for your assistance, which will make the
next DealBook a better resource for the investment community.
Copyright policy
The content of this report and its summaries are protected by copyright. Individuals and organizations can, without prior authorization and free of
charge, copy and publish without limitation short extracts in the form of quotes.
This report must be clearly indicated as the source with a link to SlideShare page of the report. To copy and republish large extracts, or the full report, or
for other editorial cooperation opportunities, please contact Yuliya Sychikova at yuliya@aventurescapital.com.
Advertising, sponsorship and distribution opportunities
To inquire about advertising and sponsorship opportunities, or if you would like to get involved in the distribution of this report, please
contact us at yuliya@aventurescapital.com.
Disclaimer
5
2020 in a nutshell
Tech product
companies
Software
development
outsourcing
Exits
Record number and total
volume of deals
Funding
Another record year for total
funding volume, mostly due to
a few large rounds, while early
stage investment is flat
US$ 544m
TotalVC and PE deal volume
First time to surpass US$ 0.5bn pa
US$ 44m
Early stage: Seed and Series-A deals
Access to early-stage capital remains a challenge
US$ 478m
Total volume of tech product exits With most exits under US$ 100m, majority of
startups with US$ 100m-1bn valuations
remain private companies
M&A
Record number of
deals, although most
with a small ticket
Sustained interest from buy-side Seller`s market
• Larger established players consolidate the
industry, harnessing synergies
• Several international strategic players and
PE funds demonstrate interest in acquiring
Ukrainian assets
• Strong trend for industry consolidation
• Few quality companies are put for sale
• We expect more deals in the years to come
Big-ticket exits to internationals
6
Record total
funding volume
2014 2015 2016 2017 2018 2019
Seed
Series A
Series B
Growth and Secondary
Annual investment volume
US$m
323
544
265
80
146
42
Source: public data
In 2019, for the first time the totalVC and PE
investment volume into Ukrainian tech surpassed a
US$ 500m mark
However, most funds were received by a few global
companies with established US presence that
leverage Ukraine for R&D capabilities

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AVentures DealBook 2020

  • 1. DealBook of Ukraine 2020 edition Covering tech investment deals since 2014
  • 2. 2 Intro AVentures Capital presentsThe DealBook of Ukraine – 2020 edition The DealBook is our annual overview of the Ukrainian tech investment industry.This edition comprehensively covers the full year 2019 We would like to cordially thank all the market participants who contributed their insights to the report DealBook of Ukraine Previous editions Other reports on Ukrainian tech Our joint reports with industry partners
  • 3. 3 Co-founder & managing partner ys@aventurescapital.com Associate yv@aventurescapital.com Yevgen Sysoyev YevheniiVashchuk,CFA Founded in 2012, we are a leading tech investment fund and M&A advisory firm focused on global companies that leverage R&D in Ukraine andCEE With over 20 companies in its portfolio, AVentures Capital backs talented entrepreneurs from Ukraine and CEE to fuel their global expansion in the US and EU markets Associate yuliya@aventurescapital.com Yuliya Sychikova AVentures Capital Authors of the report
  • 4. 4 Inaccuracies and updates Even though we have done our best to provide accurate and complete information, we recognize the limits of such industry reporting. We will be pleased to receive any corrections, notices of inaccuracies or information on deals we may have missed. New and updated data will be included in the next publication, improving the level of detail and the quality of the report. Please submit corrections, updates and/or suggestions to yuliya@aventurescapital.com. Our thanks in advance for your assistance, which will make the next DealBook a better resource for the investment community. Copyright policy The content of this report and its summaries are protected by copyright. Individuals and organizations can, without prior authorization and free of charge, copy and publish without limitation short extracts in the form of quotes. This report must be clearly indicated as the source with a link to SlideShare page of the report. To copy and republish large extracts, or the full report, or for other editorial cooperation opportunities, please contact Yuliya Sychikova at yuliya@aventurescapital.com. Advertising, sponsorship and distribution opportunities To inquire about advertising and sponsorship opportunities, or if you would like to get involved in the distribution of this report, please contact us at yuliya@aventurescapital.com. Disclaimer
  • 5. 5 2020 in a nutshell Tech product companies Software development outsourcing Exits Record number and total volume of deals Funding Another record year for total funding volume, mostly due to a few large rounds, while early stage investment is flat US$ 544m TotalVC and PE deal volume First time to surpass US$ 0.5bn pa US$ 44m Early stage: Seed and Series-A deals Access to early-stage capital remains a challenge US$ 478m Total volume of tech product exits With most exits under US$ 100m, majority of startups with US$ 100m-1bn valuations remain private companies M&A Record number of deals, although most with a small ticket Sustained interest from buy-side Seller`s market • Larger established players consolidate the industry, harnessing synergies • Several international strategic players and PE funds demonstrate interest in acquiring Ukrainian assets • Strong trend for industry consolidation • Few quality companies are put for sale • We expect more deals in the years to come Big-ticket exits to internationals
  • 6. 6 Record total funding volume 2014 2015 2016 2017 2018 2019 Seed Series A Series B Growth and Secondary Annual investment volume US$m 323 544 265 80 146 42 Source: public data In 2019, for the first time the totalVC and PE investment volume into Ukrainian tech surpassed a US$ 500m mark However, most funds were received by a few global companies with established US presence that leverage Ukraine for R&D capabilities
  • 7. 7 3 global companies with Ukrainian roots raised 77% of 2019 funding 2018 2019 Grammarly: Ukrainian-born unicorn US$ 1bn+ valuation confirmed in the latest US$ 90m funding round Sources of capital for the largest 3 deals Global investment funds, such as Iconiq Capital, General Catalyst, Goldman SachsVC etc. GitLab direct listing planned for Nov 2020 The first multi-billion listing of Ukrainian-born product tech company. Last round valuation at US$ 2.5bn Funding volume breakdown 2018 vs 2019, US$m US$ 323m US$ 542m Source: public data 3 deals, 77% of total 2019 funding Seed SeriesA Growth deals Late (growth) stage People.ai: on the way to a unicorn Series C funding led by ICONIQ Capital with participation by A16Z, Lightspeed, GGV, and YCombinator confirmed the US$ 0.5bn valuation
  • 8. 8 International funds continue to provide majority of early-stage financing 1. Early-stage local startup investment volume flat over 2018 and 2019 22 32 11 30 20 9 3 59 19 26 2015 2016 2017 2018 2019 Seed Series A Source: public data Annual early-stage funding, US$m 31 34 70 49 46 2. Foreign capital prevalence • Most Ukrainian funds only support through Seed, few Series A focused funds  most SeriesA rounds are raised from internationals • Ukraine-born companies typically build physical presence in their target markets (US/ EU) and raise Series A-C abroad • Result: UA startups compete globally for early- stage financing in international financing hubs 3. LocalVC funds slowed down new investments, waiting for exits to raise next funds 79% 85% 53% 61% 20182019 Seed Series A Seed Series A Share of foreign capital invested • Ukrainian funds invested less, as most of them have distributed their first funds waiting to raise a second fund
  • 9. 9 Exits as a sign of maturing product ecosystem Target Acquirer Sector Target bio AI Factory * Snap Computer vision AI business solutions based on image and video recognition, analysis and processing Cropio Syngenta AgriTech Crop management system. Present in 50+ countries, 10+ mln hectares of crops under management Murka Blackstone Social casino Social casino development studio. 2nd mobile game developer in CIS by revenue Busfor * BlaBlaCar Transportation Bus ticketing online travel agency and distribution platform Ajax Security Horizon Capital Security IoT Secondary shares sale: SMRKVC fund partial exit. Smart security systems manufacturer Globally-successful Ukrainian product companies attract the interest of strategic players, international buy-out funds, and generate returns for early backers Ukrainian product companies start to be active on buy-side M&A globally April 2019 Jiji, owned by Ukrainian-based Genesis, acquired OLX operations in 5 countries across Africa Note: AI Factory and Busfor are international companies with R&D offices in Ukraine Source: public data
  • 10. 10 Fund landscape: most active investors Seed – Series A Growth stage LocalForeign • Most local funds support Ukraine-born startups through Seed and SeriesA funding stages • An increasing number of international funds invest across all stages: from offering world class acceleration programs to leading in growth rounds by Ukrainian startups • As a result, local funds increasingly compete with global players for the best deals Global competition for best deals
  • 11. 11 Software development M&A Ukraine remains an R&D destination for global tech leaders • Companies with dedicated R&D presence • Global R&D employs thousands of Ukrainian tech specialists Global R&D destination Global service business bedrock • IT Service exports estimated at US$ 4.5bn in 2018 • 180k+ IT professionals • Revenue of Ukrainian IT Service companies grows at 20-25%YoY on average Ongoing market consolidation Sustained interest from buy-side: strategics and PE funds Seller`s market Selected PE funds active in the region Selected strategic players active in acquisitions • Limited number of companies are put for sale, much more demand to acquire than interest to sell • Acquirers are looking for: (1) access to ample talent pool, scalability, (2) delivery diversification, (3) vertical capabilities expansion, (4) client portfolio acquisition and (5) technical / language capabilities • Ukraine is a part of global consolidation play among software development outsourcing companies • Key consolidation fundamentals: (1) the competition for talent and (2) market maturity • Top 5 software development outsourcing companies in Ukraine employ only 15% of total IT professionals population Source: AVentures Capital
  • 12. Appendix Investors portfolio, top e-commerce players and the DealTable
  • 13. 13 Investors portfolio (1/2) Early stage investors Selected Ukrainian portfolio companies by funds
  • 14. 14 Investors portfolio (2/2) Growth stage investors Selected Ukrainian portfolio companies by funds
  • 15. 15 Product companies with most international revenue Tech holding with fast- growing products operating in developed and emerging markets AI-powered spell-check SaaS company Document management SaaS Multifunctional cryptocurrency exchange Leader in Connected Pets IoT market segment Creatio is a leading low-code, process automation and CRM company Security and cleaning software for Mac E-commerce travel distribution company, EMEA region Payment and content distribution platform for digital goods Developer of iOS productivity apps Mobile app for event planning Mac software development company Tools to increase user adoption and ROI of enterprise applications (CRM, ERP etc.) AI platform for enterprise sales, marketing, and customer success Single application for entire software development lifecycle Full-service bitcoin and blockchain technology company Second most visited job aggregator in the world Micro-stock photo-bank online marketplace Photo editing software Smart security systems manufacturer
  • 16. 16 Top e-commerce companies Global players (dropshipping) Local players (locally founded or dedicated presence) Electronics + marketplace Fashion + marketplace Classifieds owned by Rozetka Perfumes & personal care also #2 in perfumes & personal care
  • 17. 17 Deals of 2019 Logo Company Sum raised, US$m Investors Investment type Deal class Brief description GitLab 268.0 Goldman Sachs, Iconiq Capital, Y Combinator Continuity Fund VC Series E Web-based open source Git repository manager AI Factory 166.0 Snap Strategic M&A Mobile startup developing unique Computer Vision and AR products Grammarly 90.0 General Catalyst VC Growth Digital writing assistant People.ai 60.0 Iconiq, Andreessen Horowitz, Lightspeed Venture Partners, GGV Capital, Y Combinator VC Series C AI platform for enterprise sales, marketing, and customer success Jiji 21.0 Knuru Capital VC Series C Online classifieds company Ajax Systems 10.0 Horizon Capital PE Growth Smart home security systems and sensors Allset 5.0 EBRD VC Series A On-demand dine-in technology platform Unstoppable Domains 4.0 Draper Associates VC Series A Domains secured by blockchains and uncensorable websites Captain Growth 3.8 Perion Strategic M&A AI-powered app that automates marketing analytics and finds insights MyCredit 3.0 TAS Group VC Series A Payday loans platform PromoRepublic 2.3 Finnish Public Fund, angels VC Seed Social media content automation solution for SMEs
  • 18. 18 Deals of 2019 Logo Company Sum raised, US$m Investors Investment type Deal class Brief description Dorian 2.0 March Capital Partners, London Venture Partners VC Seed Interactive stories mobile platform Allright.io 1.5 Flashpoint, angels VC Series A Online English school for children RetargetApp 1.5 TMT Investments, TA Ventures, Aitarget, angels VC Seed AI-powered digital advertising solution AxDraft 1.4 FundersClub, SCM Advisors, Overkill, angels VC Seed On-demand automation of legal processes for enterprise Liki24 1.0 TA Ventures, Genesis Investments, Mission Tech, angels VC Series A Drug delivery service provider IntellectoKids 1.0 Genesis Investments VC Seed Casual app development for children Mate Academy 0.6 Genesis Investments, TA Ventures, angels VC Seed Online platform for studying programming Localhalo 0.5 Angels Angel Seed A smart messenger for chatting with neighbors Animal ID 0.5 Angels Angel Seed International platform for pet owners Love&Live Fashion 0.6 SMRK VC Seed A group of fashion brands Litnet.com 0.3 Admitad Invest VC Seed Online e-book platform
  • 19. 19 Deals of 2019 Logo Company Sum raised, US$m Investors Investment type Deal class Brief description DeepTrait 0.3 Starfinder, NCBR, angels VC Seed AI-powered gene analysis solutions Newoldstamp 0.2 500 Startups Accelerator Seed E-mail signature generator Respeecher 0.1 Techstars Accelerator Seed Real-time voice cloning technology SportLab AI 0.1 Angels Angel Seed Sports analytics platform VR Inn 0.1 Angels Angel Seed VR content marketplace Nuwork 0.1 Sector X, Unit.City, angels Accelerator Seed Automation of entry-level retail & HoReCa job applicants screening Greenbin.app 0.1 Huge Thing Accelerator Seed Packaging tracking system Do Mite System 0.05 Angels Angel Seed Interactive dashboards for owners and managers of business Desnovation 0.03 Steppe VC Seed Residential design marketplace Measy 0.02 Startup Wise Guys Accelerator Seed Automated remarketing platform for e-commerce FakesRadar 0.02 Startup Wise Guys Accelerator Seed Fake detection solution
  • 20. 20 Deals of 2019 Logo Company Sum raised, US$m Investors Investment type Deal class Brief description AYE Technologies 0.02 Startup Wise Guys Accelerator Seed Eye retina identification solution Hive.id 0.02 Startup Wise Guys Accelerator Seed Identity management solution Bot&Partners 0.02 Opendatabot VC Seed Legal big data solution Revizion 0.01 Angels Angel Seed Client feedback collection solution Murka n/a Blackstone PE Buyout Online games and social casino development Busfor n/a BlaBlaCar Strategic M&A Bus ticketing online travel agency and distribution platform Cropio n/a Syngenta Strategic M&A Crop health management and vegetation control platform OLX Africa n/a Genesis (Jiji) Strategic M&A OLX operations in Nigeria, Kenia, Ghana, Uganda, Tanzania StepShot n/a UiPath Strategic M&A Business process automation solutions Eda Ua n/a Menu Group Strategic M&A Food delivery service TurnKey Lender n/a OSK Ventures, Vertex Ventures SEA & India, Western NIS Enterprise Fund VC Series A Cloud-based lending automation
  • 21. 21 Deals of 2019 Logo Company Sum raised, US$m Investors Investment type Deal class Brief description Homsters n/a Ringier, CAV Investment Group VC Seed International real estate marketplace Zagrava Games n/a Playrix Strategic M&A Mobile game development studio Doc Ua n/a Effective Investments VC Secondary Online search service for medical appointments Seadora n/a SMRK VC Seed Seafood delivery platform PatentBot n/a Angels Angel Seed Chat bot for trademark registration and checking Kira n/a Icebreaker VC Seed Business analytics for SMEs GEO Protocol n/a CoinFund VC Seed Value transfer ecosystem, merging blockchain and traditional finance networks Basenji Apps n/a Genesis Investments VC Seed E-Learning startup that teaches kids to speak English h8games n/a Voodoo Strategic M&A Casual games development
  • 22. 22 Deals of 2019: software development companies Logo Company Sum raised, US$m Investors Investment type Deal class Brief description Ciklum n/a Dragon Capital, AVentures Capital PE Growth Custom software development company Viseven n/a AVentures Capital VC Series A Healthcare-focused software development company Star (ex-Cogniance) n/a NTT Data Strategic M&A Software development outsourcing company Astound Commerce n/a Salesforce Ventures VC Growth E-commerce solutions provider Acceptic n/a Yael Group Strategic M&A Custom software development company Logicify n/a DataArt Strategic M&A Custom software development company Rozdoum n/a InSoft Software Strategic M&A Custom software development company Rademade n/a InSoft Software Strategic M&A Custom software development company