2. IN COOPERATION WITH
Contents
2
Greeting 3
About RMG partners 4
Two-Minute Overview of the Russian Venture
Capital Market 5
Key Findings 6
VC Market Overview 7
Exits and Large Deals 8
Market Structure 9
Soft / Internet - B2B 13
Soft / Internet - B2C 14
Venture fund survey 15
Methodology 16
Deal List for 1Q2015 17
Calendar of Events 2015 23
Contacts 37
3. IN COOPERATION WITH
Dear Colleagues,
Despite current difficulties on the world scene and in the Russian media industry, we continue to
produce a quarterly Report on the Russian venture capital market. We believe that current
circumstances make it particularly important to fully and objectively communicate information on
the Russian market. We strive to improve the content of our Report from issue to issue, helped
by our partners: East-West Digital News and the National Association of Participants in the
Alternative Investments Market (NAURAN).
In this Report, you will analysis of the market and interviews with market players as well as key
metrics for the Russian venture industry. We also start to publish what we find to be the best
articles and works of analysis concerning the market over the past period.
After a relatively successful year in 2014 we are now seeing a serious decline in activity with
inevitable impact on the volume and number of transactions. Funds are holding back from
investment and many Russian management companies have changed their focus to investment
in Asia and other geographical regions.
Notable trends include growing influence of angel funds and clubs, including the Venture Club
founded by Alexander Borodich. Projects with a sustainable return on investment are seeing
increased popularity.
There has been some interest from private equity funds in technology projects that have
advanced from the start-up stage.
Recent changes in Russian law as part of the campaign to bring more business onshore has led
to uncertainly in the operation of venture capital funds and investment companies. Many
investors lack a clear answer as to how to structure deals conveniently and efficiently. We
therefore look forward to the moment when the new law on investment partnerships will start to
work, enabling inflow of money to new funds that are organized as such partnerships.
I will be very glad to receive your comments, remarks and suggestions on the Report.
Please send me an e-mail at: arseniy.dabbakh@rmg-partners.ru.
Arseniy Dabbakh
Managing Partner
RMG Partners
3
Greeting
4. IN COOPERATION WITH
About RMG Partners
RMG Partners is an independent Russian investment company.
During 20 years of work it has built an impeccable reputation as a
reliable partner for its clients and professional market players.
RMG partners provides Russian and foreign companies with a wide
range of services in the field of venture capital investments:
- search for promising target assets;
- capital raising, including public or private offering;
- search for strategic investors and support of M&A deals;
- support for venture projects, including strategy development and
measures to increase capital-raising potential;
- recommendations on deal structure and financing methods.
Analysis and discussion of deal terms and conditions, as well as
due diligence.
RMG partners is an active member of the National Association of
Alternative Investors (NAURAN). NAURAN is a non-profit partnership
created to draw attention to the market of direct and venture capital
investments in Russia, to form a favorable legal environment, to assist
in fund raising and promote the Russian investment market on the
international scene.
Other members of NAURAN include:
4
5. IN COOPERATION WITH
Two-Minute Overview of
the Russian Venture Capital Market
Seed
Start-up
Growth
Expansion
Total
Transaction numbers
Investment
value, $M
Average deal
amount, $M
Investor
structure
38
85
12.7
18
0.3
0.2
42
22
23
21
0.5
0.9
3
10
2.7
32
0.9
3.2
6
2
30.3
50
5.1
25
89
121
68.7
153
1.7
1.3
1Q2015
1QQ014
Number
0
13Exits
0
109
Value, $M
Private funds
Public funds
Corporations
PPP
Business angels
5
Maturity
0
2
0
32
0
16
6. IN COOPERATION WITH
Key Findings
The venture capital market shrank by nearly two times in 1Q
2015 to its lowest level by both turnover ($68.7M) and
transaction numbers (89) since the start of coverage by RMG
partners
The only substantial y-o-y growth during 1Q 2015 was in
transaction numbers at start-up and expansion stages
The biggest number of transactions in 1Q, 53 out of 89, were
made by state entities (state funds, public-private partnerships,
corporate funds of state-owned companies). But private capital
is still dominant in total transaction value.
There were no exits in the first quarter of 2015. This was due to
devaluation of assets in dollar terms following depreciation of
the ruble
State funds paid a lot of attention to projects in IT (30 deals),
industrial and biotech projects (7 deals including PPP), which
have best prospects on international markets. There were 38
investments by state funds across all sectors in 1Q
The findings of our latest survey confirm that the Russian
venture capital market is in crisis. In the current climate
investors need to select projects even more carefully, to seek
co-investors, and to cooperate with partners in order to take
best advantage of opportunities to develop the project on
foreign as well as local markets
6
7. IN COOPERATION WITH
VC Market Overview
7
Source: RMG partners
158
222
385
142 151 139 165 197
262
193 221 213
69
101 90
86
97
73
53
101
129
134
101
116
110
89
0
20
40
60
80
100
120
140
160
-
50
100
150
200
250
300
350
400
450
1Q
2012
2Q
2012
3Q
2012
4Q
2012
1Q
2013
2Q
2013
3Q
2013
4Q
2013
1Q
2014
2Q
2014
3Q
2014
4Q
2014
1Q
2015
Value, $M (left axis) Number of deals (right axis)
Halving of deal numbers made 1Q 2015 the worst performing quarter since the start of
Russian venture market coverage by RMG partners.
Amounts invested did not change significantly y-o-y in ruble terms, adjusted for real
inflation, due to decline of the ruble exchange rate.
Tough economic conditions have altered the distribution of investments between stages
Complete lack of transactions at the final, mature stage is not telling, as transaction
numbers at this stage have not exceeded one or two in previous periods. But it is
interesting that start-up and expansion deals doubled y-o-y, while deals at the growth
stage (between the latter two stages) plummeted. The growth period has become
unattractive as it offers relatively slow increase of value (compared with start-up) and
relatively high levels of risk (compared with expansion).
Main investors in 1Q2015 were public funds, private funds and corporate funds (either
those with their own acceleration programs, such as QIWI Universe 2.0 set up by the
Russian payment system company, QIWI, or funds set up by companies such as
Sberbank and Hubert Burda Media to invest in their own corporate projects). The share of
investments by private funds, though still dominant, has declined as private Russian
money has switched to foreign start-ups (this effect has also devastated private-public
partnerships in Russia).
As shown on page 9 below, private funding at the growth, expansion and maturity stages
has plummeted and no other investor types have filled the gap. Early-stage projects in
search of private finance still have recourse to “clubs” of business angels.
8. IN COOPERATION WITH
Exits and Large Deals
8
Investment volumes in 1Q2015
Source: RMG partners
153 69
109
0
200
400
1Q2014 1Q2015
Investments, $M
Base market Exits
There were many hurried exits from projects in 3Q and 4Q2015, and the sell-off led to a sharp
decrease in valuations. As a result, there were no exits at all in 1Q2015. However, several
investors, while keeping their projects open, are delaying new capital injections, not seeking co-
investors, and have started negotiations on sale. Prominent projects now in search of buyers
include LinguaLeo, Life-Pay, Utinet, Sotmarket. Contact, Payonline (a deal was completed in
March 2015), etc. The emphasis is on recouping investments rather than any gains from growth
in project value.
“Two years ago we changed our strategy and started investing in industrial
start-ups. They often generate profits even faster than ICT projects, because
the industrial technology sector sets definite targets – to meet certain
technology goals, to create a specific component, to achieve a specific
result. The first exit by our fund was at the start of 2014 from a start-up,
which makes machinery for high-precision metalworking. I believe that
government should be involved in the highly risky pre-seed stage because
this is the stage that generates favorable conditions for commercial
investors at later stages and that serves as a driver of interest.” Mikhail
Rayak, executive director, Pre-seed Investment Fund
9. IN COOPERATION WITH
Market Structure I
9
45
22
7
1
29
15
5 3
61
22
4
7
98
14
8 6
1
85
22
10
2 2
47
17 18
12
73
22
7
10
66
21
13
5
38
42
3
6
0
Seed Start-up Growth Expansion Maturity
Quarterly VC deal numbers by investment
stages since 2013
1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015
Source: RMG partners
In conditions where financing sources are increasingly hard to find, many new Russian
venture projects have developed a standard strategy. First, a seed-stage company carries
out test sales of its products, obtaining a sales threshold of 50-200,00 rubles per month,
which gives access to 1.4 million rubles funding for 3 months from a government-backed
accelerator, the Internet Initiatives Development Fund. This is sufficient to finance start-up.
The company then applies for competitive grants that are obtainable from various
government development institutions, most notably the Foundation for Assistance to Small
Innovative Enterprises (FASIE), which has a special government mandate since February
2015 to support the high-tech enterprise sector and has become active in administering and
financing national VC contests such as Generation S. The great advantage of public funding
is that it is relatively long-lasting (a year or more), so that start-ups can focus on business
development rather than fund raising. Many private investors are also doing their best to
secure government financing for their projects.
10. IN COOPERATION WITH
3 3
13
20
30
40
24
5,0
0
10
20
30
40
50
60
1Q20141Q2015 1Q20141Q2015 1Q20141Q2015 1Q20141Q2015 1Q20141Q2015
Private funds Public funds Corporations PPP Business angels
32
Maturity
Activity of different types of investors by development stage
US$ M
Source: RMG partners
Seed Start-up Growth Expansion
18
12.7
21
23
2.7
50
30.3
32
10
Market Structure II
Investor preferences between sectors saw no change in the first quarter of 2015. The VC market
remained huge dominated by Soft and Internet (B2B and B2C), which took over 90% of the market
by deal numbers and total value. The trifling number of industrial tech and biotech projects were
sponsored mainly by private-public partnerships. This division is a simple reflection of risk levels:
Soft and Internet ventures are saleable and a technique for their development has been put in
place, while the development prospects and market for industrial tech and biotech ventures remain
very limited, although there are major prospects on a global level, which state-backed investors can
afford to target. Russia, unlike the US and South-east Asia, has nothing approaching a mass
market for venture projects in spheres other than IT and media.
“A proper venture investor invests in innovative start-ups that already have
a strong base and a 5-year development horizon. There is a new category
of business angels in Russia, usually people who remain anonymous and
who invest in classic dividend projects – soft development, travel and cloud
technologies, e-commerce.” Lyubov Simonova, adviser to Almaz Capital
fund
11. IN COOPERATION WITH
Market Structure: investors
11
Private funds still dominant in 1Q2015
Source: RMG partners
0
10
20
30
40
50
Seed A B C+ Exit
VC investments by round, 1Q2015, $
million
Business angel Corporations Public funds
Private funds PPP
Source: RMG partners
$ M, w/o exits
- 10 20 30 40 50 60
PPP
Private funds
Public funds
Corporations
Business angels
Biotech
Industrial tech
Other tech
Computer equipment
Soft and Internet B2B
Other IT
Soft and Internet B2C
Commitments by government to support high-
tech import substitution and improve the
competitiveness of Russian venture start-ups
abroad are having little or no effect on the
ground. Most investors are focused on
projects, which could generate sales on
markets outside Russia as quickly as possible.
Such projects are mainly in the Soft and
Internet segment, so its dominance remains
unchallenged. Investors are particularly keen
on start-ups, which can sell their product or
service directly to foreign companies (B2B-
business model) rather than attempting to
enter foreign consumer markets (B2C-
business model).
0,2 0,9
3,2
25
16
1,3
0,3
0,5 0,9
5,1
0
1,7
1Q2014
1Q2015
Average deal amount by stage
Source: RMG partners
US$ M
12. IN COOPERATION WITH
Market Structure: segments
12
Source: RMG partners
-10
0
10
20
30
40
50
60
70
80 VC investments by sector, 1Q2015
Investment w/o exits, $M
Enterprise
management
Total Tech 10% IT 90%
Biotechnologies
Industrial
technologies
Other
technologies
Software and
Internet
B2B
Marketing/
Advertising
Other
B2B
services
Software
and Internet
B2C E-commerce
Content providers
Other B2C
services
Hardware
PlatformsOther
IT
“Several start-ups in our portfolio received investments from government
development institutions. I think that government works quite efficiently as a
pre-seed investor, but could do it even better. It is important that a private
investor believes in a project strongly enough to attract government interest.
Another tendency is [growth of] cross-border deals, and this indicates lack of
confidence in the possibility of future sale of local Russian projects. Russian
investors are searching for projects from which they can exit with a good
return and are currently finding them in the US, Europe, Israel and Asia. The
Russian market is in crisis and start-ups are fighting to hold onto the
turnover results they have attained, even in ruble terms. Unfortunately, it is
now very difficult to prove to investors that there is potential for consumer
demand, scaling and channels for growth on the local market.” Sergey
Fradkov, managing partner, iDealMachine
13. IN COOPERATION WITH
Enterprise
management
systems
10.6%
Marketing and
advertising
13.2%
Other business
software
1.7%
Platform
33.2%
Other B2B solutions
41.3%
Enterprise
management
systems
7.3%
Marketing and
advertising
48.0%
Other business
software
0.6%
Platform
18.7%
Other B2B
solutions
25.4%
Soft and Internet B2B
1Q2015
$28.1M
1Q2014
$15.7M
1
3
2
1
1Q2014 1Q2015
Amount, $M Quantity
8
4
13
7
1Q2014 1Q2015
0
0,5
2
5
1Q2014 1Q2015
4,0
12
6
10
1Q2014 1Q2015
3
9
5
4
1Q2014 1Q2015
Enterprise management systems Marketing and advertising Other business software
Other B2B solutions Platform
13
14. IN COOPERATION WITH
E-commerce
77%
Education
6%
Search and
recommendations
9%
Social media
7%
Content providers
10%
E-commerce
63%
Education
8%
Search and
recommendations
9%
Social media
4%
Other
6%
Soft and Internet B2C
1
3
2
1
1Q2014 1Q2015
Amount, $M Quantity
Content providers
44
22
13
16
1Q2014 1Q2015
E-commerce
4
4
7
2
1Q2014 1Q2015
Education
5
2
12
5
1Q2014 1Q2015
Search and recommendations
4 0
9
6
1Q2014 1Q2015
0,2 2
5
11
1Q2014 1Q2015
Social media Other
0,02
1
0
1Q2014 1Q2015
Games
1Q2015
$33.3M
1Q2014
$56.4M
14
15. IN COOPERATION WITH
Venture Fund Survey
15
The survey of venture funds active in Russia in 1Q2015 showed that the Russian VC market no
longer has any “safe havens”, i.e. niches where investors feel confident of recouping their
investments by sale of the project (e-commerce was previously such a niche). Almost all
respondents said that the only dependable strategy in the current environment is portfolio
diversification and employment of highly professional fund managers.
Views differ as regards the efficacy of state-backed development institutions and venture funds
in helping the sector through current difficult times. Only 40% of the funds interviewed are
convinced that government is an efficient investor for companies at early stages, helping
projects directly with grants and subsidies and providing additional financing to business angels
and investment funds. Other respondents are very critical of the current role of government
investments and their usefulness for the market, noting incompatibility of the efficiency criteria
used by state officials and fund managers as well as imperfect co-investment techniques and
lack of fixed “rules of the game”.
There has been a major outflow of investors from the Russian market, as local assets become
devalued. Nearly all respondents agree that preference is now being given to projects outside
Russia due to their greater stability and better growth prospects. However, 20% of funds in the
survey believe that relocation out of Russia for the sake of fundraising is costly and, for the most
part, unjustified. The reverse process – Russian market entry by foreign projects in search of
new points of growth – is so marginal that only 10% of the respondents even mentioned it.
Overall, the market was in severe crisis during 1Q2015.
10 funds were interviewed: IIDF, Target Ventures, Maxfield Capital, Moscow Seed Fund,
iDealMachine, Almaz Capital, Saint-Petersburg Pre-seed Investment Fund, Skolkovo
Foundation, IT-Online Ventures, Starta Capital.
“Most foreign investors ask start-ups to transfer their businesses, intellectual
property, and sometimes headquarters, to a foreign country. Most projects
target markets in North and South America and in South-East Asia. To be
successful on other markets you have to be physically present there.
Russian companies, which can’t find investors at home, are working
increasingly with foreign investors. Foreign markets have key importance for
IT projects, but the Russian market is crucial for industrial and high-tech
projects. So, in order to work with foreign investors and on foreign markets,
companies often open a subsidiary abroad while keeping their headquarters
and intellectual property in Russia. We are seeing a lot of such cross-border
deals between Russia and China.” Evgeny Taubkin, head of the
investment service, Skolkovo Foundation
16. IN COOPERATION WITH
Methodology
Methods used in this research are based on
recommendations developed by the Russian Venture
Capital Association (RVCA) with the help of Russian
VC market players. “Venture capital investments” are
defined as investments of up to 100 million dollars in
high-risk, high-tech and potentially highly profitable
projects, targeting IRR of at least 15%. “Investments”
are defined as acquisition of equity in a non-public
company in return for investments and/or long-term
financing with the possibility of equity conversion
(including with suspensive conditions). Investments
may be made by funds (Russian or foreign legal
entities raising capital from more than one source for
direct investment in non-public companies),
individuals or groups of individuals.
Only investments in companies working mainly on the
Russian market were taken into account. Companies
financed by Russian investors, but oriented mostly to
foreign markets were not included the measurement
of Russian VC investments.
In this report “corporations” mean corporate funds
(funds that are financed by their founding
organizations from internal sources, but which may
invest in venture companies not affiliated with the
founding organization).
Investments in market infrastructure and exits were
not taken into account. Investments in market
infrastructure mean investments in VC funds,
business incubators, business accelerators,
technoparks and other institutions that work in the
venture market but are not venture companies.
Our estimate of VC investment market size includes
grants and investment loans. These sums were
included in the total market size (even though a grant
is a non-repayable subsidy for research and
development), since, like repayable investments, they
are used to finance commercial VC projects.
This Report distinguishes four main stages in the
development of VC projects, as follows
Seed: the project exists only on paper or as a result
of laboratory research.
Start-up: a company is being set up or has been
operating already for a short time, but it has not yet
sold its products for money.
Growth: commercial production, first turnover from
sales.
Expansion: expansion of sales, market share, output,
office space, etc.
In the deal list below we also define project
advancement by the funding stage reached in
1Q2015. We refer to the first round of investments as
“Seed”, followed by rounds A, B, C, and denote any
further stages as C+
We group all VC projects into 7 sectors:
biotechnologies; industrial technologies; computer
technologies and hardware; other technologies; B2B
software/Internet; B2C software/Internet; other IT.
Biotechnologies: healthcare, pharmaceuticals,
diagnostics and medical equipment development.
Industrial technologies: laser, energy, aerospace
technologies, robotics, green and other technologies
for industrial use.
Computer technologies and hardware:
telecommunications, data storage, mobile
technologies and computer hardware.
Software/Internet – B2B: applications and web
services whose clients are enterprises (business
management, marketing, IT product development
solutions, etc.).
Software/Internet – B2C: applications and web
services whose clients are individuals (e-commerce,
content provision, search engines, consumer finance
solutions, education, games, social networks, etc.).
The information used in the table of deals below was
taken from mass media, open databases (Rusbase,
AngelList, etc.), and internal sources of RMG
Partners.
16
18. IN COOPERATION WITH
№
Deal
date
Project Investor
Investor
type
Deal
value,
$M
Company
developme
nt stage
Investment
round
Sector Sub-sector
1 Jan
Optoguard
Nanotech Skolkovo PPP 1.23 Seed Seed Industrial_Tech Laser Tech
2 Jan Anews
TMT Investments, Run
Capital, 101Startup Private 2.7 Startup C+
Software_Internet
_B2C Content Providers
3 Jan Dental Cloud Imperious Group Private 0.047 Seed Seed
Software_Internet
_B2B Platform/Middleware
4 Jan GeoCV
Starta Capital (0,03);
Moscow Seed Fund (0,062) PPP 0.092 Seed Seed
Software_Internet
_B2C
Other B2C Internet
services/software
5 Jan Pinxter Private investors Private 0.5 Expansion A
Software_Internet
_B2C
Search/Recommenda
tions
6 Jan Ros.Taxi Yandex Corporate 1.8 Expansion A
Software_Internet
_B2B Other B2B software
7 Jan PostgreSQL Anton Suschkevich Angel 5 Expansion A
Software_Internet
_B2B Other B2B software
8 Jan Box2Box QIWI Corporate 0.5 Seed Seed
Software_Internet
_B2C E-commerce
9 Jan Rentmania FASIE Public 0.015 Startup Seed
Software_Internet
_B2C
E-commerce
10 Feb Netology group
Buran Venture Capital,
InVenture Partners Private 2.1 Growth A
Software_Internet
_B2C Education
11 Feb
Energy
exploration
technology,
Arkadiy Zlobinskiy FASIE Public 0.015 Seed Seed Industrial_Tech Other Industrial Tech
12 Feb
Med. Equipment
sterilizer, Sergey
Kavetskiy FASIE Public 0.015 Seed Seed Biotechnology Medical Equipment
13 Feb
Laser cutting and
welding, Vitaliy
Alekseenko FASIE Public 0.015 Seed Seed IIndustrial_Tech Laser Tech
14 Feb
Bicycle security
system,
FASIE
Public 0.4 Seed Seed
Software_Internet
_B2C
Other B2C Internet
services/software
15 Feb
Big data analyzer
DIRECTUAL
FASIE
Public 0.4 Seed Seed
Software_Internet
_B2B
Other business
software
18
19. IN COOPERATION WITH
№
Deal
date
Project Investor
Investor
type
Deal
value,
mln $
Company
developme
nt stage
Investme
nt round
Sector Sub-sector
16 Feb
Virtual reality
analyzer FASIE Public 0.4 Seed Seed Other_Technologies Other_Technologies
17 Feb Ficus
FASIE
Public 0.4 Seed Seed Other_Technologies Other_Technologies
18 Feb RocketCallback Private investor Angel 0.06 Startup A Software_Internet_B2B Other B2B software
19 Feb RoboCV I2BF Global Private 3 Expansion A Industrial_Tech Robotics
20 Feb Mamsy ru-Net, Baring
Private
15 Expansion A Software_Internet_B2C E-commerce
21 Feb Wicron
Ashmanov and
partners
Private
0.08 Startup Seed Industrial_Tech Robotics
22 Feb Wicron Skolkovo Fund
Public
0.08 Startup Seed Industrial_Tech Robotics
23 Feb Netologia Group
Venture Capital,
Inventure Partners
Private
2.1 Startup C+ Software_Internet_B2C Education
24 Feb
Vse evakuatoryi
Rossii FASIE
Public
0.02
Seed Seed
Software_Internet_B2C
Other B2C Internet
services/software
25 Feb PromoAtlas FASIE
Public
0.02 Startup
Seed
Software_Internet_B2C
Other B2C Internet
services/software
26 Feb Tictag.ru
Rostislav
Kishenkov, Robot
Food and Tech Angel 0.6 Startup Seed Software_Internet_B2C E-commerce
27 Feb MobilityLab IT Private 3 Startup A Software_Internet_B2B
Enterprise
management
software
28 Feb
Bagazh iz ruk v
ruki
Alexandr
Borodich, Bogdan
Yarovoi, private
investors Angel 0.2 Seed Seed Software_Internet_B2B Other B2B software
19
20. IN COOPERATION WITH
№
Deal
date
Project Investor
Investor
type
Deal
value,
mln $
Company
developme
nt stage
Investme
nt round
Sector Sub-sector
29 Feb
Stealthy
Messenger Nikita Khalyavin Angel 0.0001 Seed Seed Software_Internet_B2C Social Media
30 Feb Adaperio
Rustam
Baekenov Angel 0.03 Startup Seed Software_Internet_B2C E-commerce
31 Feb GetIntent AltairVC Private 0.4 Growth Seed Software_Internet_B2C
Other B2C Internet
services/software
32 Feb Poblizosti.pro
Alexandr
Timoshenko
Angel
0.2 Startup A Software_Internet_B2C E-commerce
33 Feb Lobster
Bogdan,
Yarovoyi, Igor
Yatrovoi, Igor
Kaloshin, Ilya
Mirochnik Angel 0.15 Startup Seed Software_Internet_B2C Social Media
34 Feb BigPicture
Oleg
Zakharchenko Angel 0.2 Growth Seed Software_Internet_B2C Social media
35 Feb Аvtoplanshet
IIDF, Microsoft
Seed Fund Public 0.04 Startup Seed Software_Internet_B2C
Other B2C Internet
services/software
36 Feb ASU Bankomatyi IIDF Public 0.022 Startup Seed Other_Technologies Other_Technologies
37 Feb AFK
IIDF, Microsoft
Seed Fund
Public
0.04 Startup Seed Other_Technologies Other_Technologies
38 Feb NDFLka
IIDF, Microsoft
Seed Fund Public 0.04 Startup Seed Other_Technologies Other_Technologies
39 Feb Bez Pyili IIDF Public 0.022 Startup Seed Software_Internet_B2C E-commerce
40 Feb
Instruktor po
pokupke kvartir IIDF Public 0.022 Startup Seed Software_Internet_B2C E-commerce
41 Feb Moi Mechanik IIDF Public 0.022 Startup Seed Software_Internet_B2C
Search/Recommenda
tions
42 Feb Teledacha
IIDF, Microsoft
Seed Fund Public 0.04 Startup Seed Software_Internet_B2C
Other B2C Internet
services/software
43 Feb Yu-test IIDF Public 0.022 Startup Seed Software_Internet_B2C
Other B2C Internet
services/software
44 Feb Appfollow IIDF Public 0.022 Startup Seed Software_Internet_B2B Marketing/Advertising
45 Feb Dreamroomer
IIDF, Microsoft
Seed Fund Public 0.04 Startup A Software_Internet_B2C E-commerce
46 Feb HappyCart IIDF Public 0.022 Startup Seed Software_Internet_B2C E-commerce
47 Feb Petshotel
IIDF, Microsoft
Seed Fund Public 0.04 Startup Seed Software_Internet_B2C E-commerce
48 Feb Promarket IIDF Public 0.022 Startup Seed Software_Internet_B2C E-commerce
49 Feb Scrut IIDF Public 0.022 Startup Seed Software_Internet_B2B Other B2B software
50 Feb WebSemantics
IIDF, Microsoft
Seed Fund Public 0.04 Startup Seed Software_Internet_B2B Marketing/Advertising
51 Feb Odarennyie deti IIDF Public 0.022 Startup Seed Software_Internet_B2C Social media
20
21. IN COOPERATION WITH
№
Deal
date
Project Investor Investor type
Deal
value,
mln $
Company
developme
nt stage
Investme
nt round
Sector Sub-sector
52 Feb Qubequ IIDF Public 0.022 Startup A Software_Internet_B2B
Other business
software
53 Feb PressIndex IIDF Public 0.022 Startup Seed Software_Internet_B2B Other B2B software
54 Feb Strizh IIDF Public 0.022 Startup Seed
Computer_Technologie
s_Hardware
55 Feb Rentcar IIDF Public 0.022 Startup Seed Software_Internet_B2C E-commerce
56 Feb Robolanding IIDF Public 0.022 Seed Seed Software_Internet_B2B Marketing/Advertising
57 Feb Kartadoma IIDF Public 0.022 Startup Seed Software_Internet_B2C E-commerce
58 Feb CERAmarketing
IIDF, Microsoft
Seed Fund Public 0.04 Startup Seed Software_Internet_B2B Marketing/Advertising
59 Feb Good Trade IIDF Public 0.022 Startup Seed Software_Internet_B2C E-commerce
60 Feb Teslawatch
IIDF, Microsoft
Seed Fund Public 0.04 Startup Seed Other_Technologies Other_Technologies
61 Feb IIS Eldis
IIDF, Microsoft
Seed Fund Public 0.04 Startup Seed Other_Technologies Other_Technologies
62 Feb Chestnaya Cena IIDF Public 0.022 Startup Seed Software_Internet_B2B Marketing/Advertising
63 Mar Oktogo
MCI
Management,
Mangrove Capital
Partners, ABRT
Venture Fund,
Ventech Private 5 Expansion C+ Software_Internet_B2C E-commerce
64 Mar Ensol Founders Private 0.5 Startup A Industrial_Tech Power Supply Tech
65 Mar Promeo Private 0.018 Seed Seed Software_Internet_B2C Social media
66 Mar Helpmed Private 1 Seed Seed Software_Internet_B2C
Other B2C Internet
services/software
67 Mar CartPay Co. FASIE Public 0.018 Seed Seed Industrial_Tech Other Industrial Tech
68 Mar CartPay Co. Private 0.06 Seed Seed Industrial_Tech Other Industrial Tech
69 Mar SocialKey Ads
Digital Society
Laboratory Corporate 3.5 Seed Seed Software_Internet_B2B Marketing/Advertising
70 Mar Promobit kamaFlow Private 0.2 Seed Seed Software_Internet_B2B Other B2B software
71 Mar Codeweb Skolkovo Public 0.33 Seed Seed Software_Internet_B2B Other B2B software
72 Mar Double Data
Columbus Nova,
Almaz Capital
Partners, Simile,
Venture Partners,
LETA Capital,
I2BF Global
Ventures Private 3.3 Startup A Software_Internet_B2B Other B2B software
73 Mar TicketsCloud
2be.lu
Investment,
Bogdan Yarovoiy Private 0.3 Seed Seed Software_Internet_B2B Platform/Middleware
74 Mar Electronic herd Eco-innovations Corporate 0.042 Seed Seed Software_Internet_B2B
Other business
software
21
22. IN COOPERATION WITH
№
Deal
date
Project Investor Investor type
Deal
value,
mln $
Company
developme
nt stage
Investme
nt round
Sector Sub-sector
75 Mar Trucker Path Renren Corporate 1.5 Startup A Software_Internet_B2C
Search/Recommenda
tions
76 Mar Wedvice
Doctornet.pro,
Alexander
Vorobev, Vitaly
Fridzon Private 0.042 Seed Seed Software_Internet_B2C
Other B2C Internet
services/software
77 Mar Life.film Alexey Karlov Angel 0.02 Seed Seed Software_Internet_B2C
Other B2C Internet
services/software
78 Mar Smart Wi-Fi Private 0.07 Seed Seed Software_Internet_B2B Marketing/Advertising
79 Mar Vseveda FASIE Public 0.018 Seed Seed Software_Internet_B2C
Search/Recommenda
tions
80 Mar Mobiforce FASIE Public 0.018 Seed Seed Software_Internet_B2B
Other business
software
81 Mar Solomoto
Bloomberg
Capital Private 8 Startup A Software_Internet_B2B Platform/Middleware
82 Mar
BaseRide
Technologies IncuVest Private 0.6 Seed Seed Other_IT Other_IT
83 Mar InstallTracker Angel 1 Seed Seed Software_Internet_B2B Platform/Middleware
84 Mar AMSRus the Untitled Private 0.01 Seed Seed Software_Internet_B2C Social media
85 Mar Tutzhdut the Untitled Private 0.01 Seed Seed Software_Internet_B2B
Other business
software
86 Mar
Ediniy medicinskiy
portal Angel 0.3 Seed Seed Software_Internet_B2C
Search/Recommenda
tions
87 Mar Chistaya planeta
Venture fund of
Promsvyazbank Corporate 0.025 Seed Seed Industrial_Tech Other Industrial Tech
88 Mar RTM Diagnostika
Biofund RVK,
Modernization
and Technology
Development
Fund PPP 0.717 Seed A Biotechnology
Diagnostics &
Research
89 Mar ArCycle
Altair Capital,
Almaz Capital Private 0.6 Seed Seed Software_Internet_B2B Other B2B software
22
24. IN COOPERATION WITH
Event Calendar: January
24
Event City Date Organizer
Institutional modernization of
Russia - what is the role of
innovation ?
Moscow 14 RBC
Brand&Retail Session at the
Konsumexpo-2015
Moscow 19 В2В Сontact
World Economic Forum Annual
Meeting 2015
Davos-Klosters 21-24 World Economic Forum
Winter scientific school, Modern
Biology & Biotechnology of the
Future, 2015
Moscow 25
Future Biotech
StartupLynch — project
evaluation
St. Petersburg 30 Ingria Business
Incubator
25. IN COOPERATION WITH
Event Calendar: February
25
Event City Date Organizer
Russian Startup Tour Rostov-on-Don 3 Skolkovo Foundation
Cbonds Presentation in Hong
Kong
Hong Kong 6 Cbonds
Russian conference of
developers and users of
PostgreSQL
Moscow 6-7 RAEC
SuperInvestor U.S. 2015 San Francisco 9-11 NVCA
Russian Startup Tour Tomsk 11-12 Skolkovo Foundation
Cyber Security Forum 2015 Moscow 12 RAEC
LP-GP Forum: Clean Energy &
Sustainability
London 12 AltAssets
Electronic trading platforms in
Russia: who's who
Moscow 12 Expert RA
TEDxMoscow Moscow 15 Skolkovo Foundation
Russian Startup Tour Nizhny Novgorod 17 Skolkovo Foundation
Russian Mortgage Congress Moscow 19 Cbonds
The crisis of corporate debt .
Resolution technology of
difficult situations between
lenders and borrowers
Moscow 19 Vedomosti
14th project selection. Business
Incubator IT park (Naberezhnye
Chelny)
Naberezhnye Chelny 21 IT Park Kazan
Belarus Startup 2015 Minsk 21 The Ministry of Education of
the Republic of Belarus, IT
House
The Ninth International
Conference on Digital Society
Lisbon 22-27 IARIA
Internet of Things - IT
Challenge
Moscow 25 Skolkovo Foundation
5th stage of KRITBI incubator
acceleration program Krasnoyarsk
25 LOGA Group, KGAU KRITBI
26. IN COOPERATION WITH
Event Calendar: March
26
Event City Date Organizer
Implementation of prototyping
tools and software development
strategy for international markets
Tel Aviv 02 РВC
Russian Startup Tour Kazan 03 Skolkovo Foundation
Communication of scientific
breakthroughs (session at the
Communication on TOP
conference)
Geneva
09 Top Communications GmbH
Mega-Projects of Russia and the
world : Solutions That Work
Cannes 10 Kommersant
Russian Startup Tour Yekaterinburg 11 Skolkovo Foundation
Social & Mobile Gambling
Conference
Moscow 12 Smile Expo
Conference: Internet of Things Moscow 12 Smile Expo
eTarget: Audience Management
and Marketing in the Internet
Moscow 12-13 Ashmanov and partners,
Rambler&Co,PRICE
M-health Conference Moscow 13 Smile Expo
Hong Kong Venture Capital
Forum 2015
Hong Kong 15 HKVCA
iCOMference 2015 Moscow 17 The Runet, RAEK
Russian Startup Tour Astana 17 Skolkovo Foundation
Roundtable: defaults and
restructuring of the corporate
bond market
Moscow 18 Cbonds
4th Annual Partner Conference
RBC
Moscow 19 RVCA
Finance for growing business -
2015
Moscow 22 Expert RA
ICT in the financial sector in
2014
Moscow 24 CNewsConferences и
CNewsAnalytics
Big data Russia Moscow 24 Publishing house "Open
Systems"
27. IN COOPERATION WITH
Event Calendar: April
27
Event City Date Organizer
Smart City - Innovations for Life Hanover 13 Vedomosti
Regulation and management of
innovation in medicine and public
health (conference)
Oxford,
UK
13 Synapse Intelligence
RBCC Just Networking London, UK 14 RBCC
IT- Outsourcing : anti-crisis
optimization
Moscow 14 CNews Conferences
World Bank Briefing St. Petersburg 14 АЕВ
Russian Startup Tour Minsk 14 Skolkovo Foundation
CEE private equity forum Warsaw 16 Incisive Events
3d Print Conference Almaty Alma- Ata, Kazakhstan 16 Smile Expo
North Caucasian Federal District
IT- School
Stavropol 17 ANO Agency of Innovation
Development
Taxation of oil companies Moscow 17 Russian Business Forum
HackDay #37 Yekaterinburg Yekaterinburg 17 HackDay
HRPR CAMP — 2015 Minsk 18
Invest Show Alma- Ata, Kazakhstan 18 IRBIS
Imagine Cup Moscow 18 Microsoft
World Economic Forum on East
Asia 2015
Jakarta 19-21 The World Economic Forum
Legal issues of the
pharmaceutical industry : the
interaction of government and
business in the new environment
Moscow 21 The Moscow Times
ICT in the energy industry in
2015
Moscow 21 CNews Conferences и
CNews Analytics
28. IN COOPERATION WITH
Event Calendar: April
28
Event City Date Organizer
Russian ICT company in Germany :
a strategy for success
Dusseldorf 21 NRW.INVEST, CNews
Conferences
RBCC Expats Forum St. Petersburg 22 RBCC
The bankruptcy procedure in
Russia. Financial and Legal Aspects
Moscow 22 The Moscow Times
Russian Forum of Sales 2015
Moscow 22 Prime Time Forums
Russian Startup Tour Ufa 22 Skolkovo Foundation
Russian Electronics : import
substitution and development
prospects
Moscow 22 Vedomosti
RIF+KIB 2015 Moscow 22-24 RAEC
Mobile Show Asia 2015 Singapore 22-23 terrapinn
DEMO Traction San Francisco 22 IDG
Seminar, Business Process
Optimization
Moscow 22-23 Andrey Koptelov, CNews
Conferences
Finance 2015 : Management in
turbulence
Moscow 23 Kommersant
ICT in health care: achievements
and obstacles
Moscow 23 CNews Conferences
TNW Europe Conference 2015 Amsterdam 23-24 The Next Web
15th Russian and 10th Kazan
Venture Fair
Kazan 23-24 RVCA
IT- School of the Siberian Federal
District
Ulan-Ude 24 ANO Agency of Innovation
Development
Startup Day Stockholm 25 GeekWire
DEMOday – Graduation from the
fifth accelerator IIDF
Моscow 28 IIDF
Wearable Technologies Conference
2015
Milan 29 The WT Group
Russian Startup Tour Moscow Region 29 Skolkovo Foundation
29. IN COOPERATION WITH
29
Event City Date Organizaer
Startup School LIFTёrnaya 2015 Astrakhan 4 IT-park FABRIKA, IIDF
TechCrunch Disrupt New York 4-6 TechCrunch
World Economic Forum on Latin
America 2015
Mexico 6-8 The World Econ. Forum
2nd International Conference,
Modern applications of
nanotechnology
Minsk 6-8 The National Academy of Sciences
of Belarus
Foresight fleet in 2015 Astrakhan 12 RVK, SIA
CSTB -2015 Moscow 12-15 RAEC
Management of corporate debt.
Anti-crisis measures
Moscow 14 Kommersant
Startup Expo Eurasia Мoscow 15 PFUR, Launch Gurus, RusBase
IT-School of the Volga Federal
District
Ulyanovsk 15 ANO Agency of Innovation
Development
Regional consulting practice
sessions
Voronezh 18 LOGA Group
Impulse Good annual award Moscow 19 Our Future Fund
Investments in Russia:
prospects, challenges and
opportunities for the real estate
market
Tokyo 20 Kommersant
ITEX’15 Malaysia, Kuala
Lumpur
21 C.I.S NETWORK SDN BHD
National Russian Conference,
Best Practices of Project
Management - 2015
Tomsk 21-22 NP PIT Business Partners
6th Investfunds Forum -
Institutional Investors
Conference
St. Petersburg 21-25 Cbonds Congress
Event Calendar: May
30. IN COOPERATION WITH
Event Calendar: May
30
Event City Date Organizer
12th CIS and Baltic Bond
Congress
Baku 21-22 Cbonds Congress
The Russian market CRM: trends
2015
Moscow 21 CNews Conferences
Corporate debt and financial
restructuring
Moscow 21 Russian Business Forum
IT-School of the Urals Federal
District
Yekaterinburg 22 ANO Agency of Innovation
Development
M & A 2015: opportunities and
risks in terms of sanctions
Moscow 22 The Moscow Times
BioSciencesWorld 2015 Rome 24-29 IARIA
13th Annual International
Conference on Finance
Athens 25-28 ATINER
Regional consulting practice
session
Perm 26 LOGA Group
Bank equipment: new possibilities Moscow 26 РBC
12th Flagship Conference -
Russian Economy: Quo Vadis
Moscow 27 АЕВ
3rd VC Forum Moscow 28 Cbonds Congress,
Preoveca
Corporate communication system
2015: New Solutions
Moscow 28 CNews Conferences
St. Petersburg Internet Conference St. Petersburg 28-29 RAEC, Trinet Group
9th International Conference on
European Science and Technology
Munich 28-29 The organizing committee of
ICEST
Productive efficiency: Strategies,
managers and technology
Moscow 29 The Moscow Times
Tax strategies in Russia. Course
for deoffshorization
Moscow 29 The Moscow Times
31. IN COOPERATION WITH
Event Calendar: June
31
Event City Date Organizer
Final of Russian Startup Tour —
Startup Village
Moscow 2 Skolkovo Foundation
Infosecurity Europe 2015 London 2 Reed Exhibitions
RBCC Business Forum 2015:
Conference
London 2-3 RBCC
Russian Gaming Week London 3 Smile Expo
9th Siberian Venture Fair Novosibirsk 3-4 RVCA
Information security of business
and government agencies:
development in new conditions
Moscow 4 CNews Conferences
TECHNOPROM 2015 Novosibirsk 4-5 The Government of the Novosibirsk
Region
Corporate Fraud Moscow 5 Russian Business Forum
IT-School of the Far Eastern
Federal District
Vladivostok 5 ANO Agency of Innovation
Development
MixAR Moscow 6 26dotss
INOTEX 2015 - The 4th
International Exhibition of
Innovation and Technology
Tehran 8 Pardis Technology Park
Cost optimization on IT
infrastructure in 2015: how to
overcome the crisis
Moscow 9 CNews Conferences
Actual issues of intellectual
property
Moscow 10 The Moscow Times
ICT in insurance: effectiveness in
new conditions
Moscow 10 CNews Conferences
Regional consulting practice
session (Verkhnyaya Salda)
Yekaterinburg 10 LOGA Group
Rapid.Tech 2015 Erfurt 10 Messe Erfurt GmbH
32. IN COOPERATION WITH
Event Calendar: June
32
Событие Город Дата Организатор
Festival FUTUR EN SEINE in
Paris - the sixth issue
Paris 11 Cap Digital
Program of acceleration of the
Ural region "Factor"
Chelyabinsk 15 NP Business Angels Urals
Bio International Convention 2015 Philadelphia 16 Biotechnology Industry Organization
BI: Market of New Opportunities Moscow 16
CNews Conferences
Accelerator technology startups
as part of the Youth Forum PFD
"iVolga 2015"
Samara region.,
Pribrezhnyii town
18 The government of the Samara region,
the Federal Agency for Youth Affairs
IT-school of Crimean Federal
District
Sevastopol 19 ANO "Agency of Innovation
Development»
Regional consulting practice
session
Naberezhnye
Chelny
22 LOGA Group
Regional consulting practice
session
Grozny 24 Moscow Technological Institute
Russia and CIS Investment
Forum
Zurich 24
Hansa Fincom
Start in Garage
Minsk 27-28 RIS Ventures
33. IN COOPERATION WITH
Event Calendar: July
33
Event City Date Organizer
NANO KOREA 2015 Seoul 1 Nanokorea
Summer School of
Development and
Entrepreneurship HSE {sun}
2015
Venue to be
confirmed
6 Business Incubator of the Higher
School of Economics, IIDF
GSMA Mobile World Congress
Shanghai 2015
Shanghai 15 GSMA
Summer School 2015 of
Academpark
Novosibirsk 21 Academpark
Event City Date Organizer
Game Developers
Conference 2015
Cologne 3 United Business Media LLC
gamescom 2015 Cologne 5 BIU
ITCE 2015 Taegu 19 KOTRA
13th Triple Helix International
Conference 2015
Beijing 21-23 Tsinghua University
Event Calendar: August
34. IN COOPERATION WITH
Event Calendar: September
34
Event City Date Organizer
13th International Banking Forum,
Banks of Russia – 21st century
Sochi 2-5 Association of Regional Banks of
Russia
Startup Debate: Journey of a
Russian businessman
Moscow 3 GVA LaunchGurus, Moscow Youth
multipurpose center
DLD Tel-Aviv Tel Aviv 6-12 Yossi Vardi
Annual Meeting of the New
Champions 2015
Dalian 9-11 The World Econ. Forum
CTIA Super Mobility Week Las Vegas 9-11 CTIA
World communication forum Davos-
Kyiv session 2015
Kiev 10 WCF-Davos
V Baikal Venture Fair Irkutsk Date to be
confirmed
RVCA
4th Interbank Conference, Money
and bill market
Yaroslavl 11 Cbonds congress
3d Print Conference Kiev Kiev 11 Smile Expo
Video monitoring: analyst, clouds
and not only
Moscow 15 CNews Conferences
International Investment Forum,
Sochi-2015
Sochi 17-20 The Russian Government
2nd Great Internet Forum BIF 2015 Almaty 18-19 Internet Avenue
The 9th Annual Asian PE & VC
Conference
Hong Kong 21-24 SuperReturn Asia
Russian National Science Festival
2015
Ufa 25-27 The Ministry of Education and Science
Bitcoin Conference Kiev Kiev 26 Smile Expo
Russian National Science Slam Samara 26 Regional Centre of Innovation
Iran Telecom 2015 Tehran 26 PALAR Samaneh
Contact Centers 2015: development
trends
Moscow 29 CNews Conferences
Media Business. Reloading Moscow 30 Vedomosti
7th Russian Congress of Private
Equity
Moscow 30 Cbonds congress
35. IN COOPERATION WITH
Event Calendar: October
35
Event City Date Organizer
Big Data 2015 Moscow 1 CNews Conferences
Open Innovation 2015 Moscow 1-31 Innovation Forum Foundation
Microsys 2015
Stuttgart 5 P. E. Schall GmbH & Co. KG
BIOTECHNICA 2015 Hanover 6 Deutsche Messe
St. Petersburg International
Innovation Forum 2015
St. Petersburg 7-9 Committee on Industrial Policy and
Innovation
RACE Fourth International
Congress and Exhibition of
affiliate programs and marketing
in Russia
Moscow 8 Smile Expo
Meet Magento Russia Moscow 9 Turnkey Ecommerce
Private Client Russia & beyond London 13-14 Adam Smith Conferences
itCOM 2015 Krasnoyarsk 14-16 JSC Krasnoyarsk Fair
Bio Japan 2015 Yokohama 14
IDCEE 2015 Kiev 15-16 TA Venture VC fund
GITEX Technology Week 2015 Dubai 18
Summit on the Global Agenda
2015
Abu Dhabi 25-27 The World Econ. Forum
9th International Biotechnology
Forum and Exhibition
"RosBioTech 2015"
Moscow 28-30 The Ministry of Education and
Science
AccEssMeeting UAE-Russia:
Business Investment Road Show
2015
Abu Dhabi 28-29 Strategy Links
CeBIT India 2015 Bangalore 28
Robotekspo 2015 Moscow 29-31 Expocentre
Annual Forum, Retail 2015 Moscow 29 Kommersant
IENA 2015 Nuremberg 29
36. IN COOPERATION WITH
Event Calendar: November
Event City Date Organizer
Wealth Innovation Forum
Geneva
Geneva 1 CIS Wealth
Nordic Private Equity
Conference 2015
Copenhagen 6 Private Equity Conference
The 8th Annual SuperReturn
Middle East 2014
Dubai 8-11 SuperReturn Middle
IV Moscow International
Financial Forum
Moscow 10-11 Hansa Fincom
Russia Risk Conference 2015 Moscow 12 Cbonds Congress, PRMIA
CNEWS FORUM 2015 Moscow 12 Cnews Conferences
Discover ICT Yekaterinburg 24-26 LLC Financial and Analytical
Systems
11th annual conference Retail
in Russia
Moscow 24 Vedomosti
Russian Financial Forum Moscow 26-27 Vedomosti
Internet and business. Russia Moscow 27-28 Ashmanov and partners, RAEC
6° Russian M & A Congress Moscow Cbonds congress
Event City Date Organizer
Videoconferencing: the
experience, technology and
prospects
Moscow 1 CNews Conferences
13th Russian Bond Congress St. Petersburg 3-4 Cbonds Congress
German Private Equity
Conference
Frankfurt 5 RVCA
CeBIT Bilisim Eurasia 2015 Istanbul 17
36
Event Calendar: December
37. IN COOPERATION WITH
Contacts
We are very interested in the opinion of our readers, so if you are an investor, a venture entrepreneur
or otherwise interested in Russia’s venture capital market, we will be most glad to receive your
feedback and suggestions to help us improve our reports.
Please send your feedback and suggestions to info@rmg-partners.ru
The report was prepared by:
RMG partners is grateful to all those, who helped in the
preparation of the report
37
Michael Demidov
Expert, analyst
michael@demidov.vc
+7 499 390 88 19
Arseniy Dabbakh
Managing director
RMG partners
arseniy.dabbakh@rmg-partners.ru
+7 495 668 13 00
Olga Chapaeva
Analyst
oc@rmg-partners.ru
Adrien Henni
Founder, Editor-in-Chief EWDN
editor@ewdn.com
