Rye, Man & Gor Securities is pleased to present a fresh issue of the Russian Venture Capital Market Overview, which includes a rundown of Russia’s venture capital market in the 3rd quarter of 2013. The primary goal of this report is to make Russia’s innovative sector more alluring for both foreign and domestic investors and increase the efficiency of contacts between investors and innovative companies seeking financing.
Russian Internet Dealbook 2012 2013 Fastlane VenturesVasily Ryzhonkov
Research about investments in Russian Internet Startups. Just to remind you that Russia in 2013 had the biggest Internet users in Europe around 60 mln people.
Russian internet Deal Book 2012-2013 Fastlane VenturesAndrey Kulikov
New research by Fastlane Ventures covers 600 deals made in Russian internet in 2012-2013. This second edition of the Deal Book provides the most accurate data collected by Russian leading investment company. In-depth analysis of RuNet investments is aligned with opinions of leading industry players.
The paper looks at a five-year experience of the membership of the Kyrgyz Republic in WTO. It provides an analysis of the pre-accession trade policies, the commitments taken by the Government of the country in the accession process and the post-accession record of foreign trade and investments in Kyrgyzstan. The paper considers also regional trade agreements in Central Asia, the extent to which these agreements influence the trade performance and the potential conflict related to the simultaneous membership in WTO and in regional economic cooperation structures. The paper concludes that neither of standard assumptions on consequences of WTO accession holds true with regards to Kyrgyzstan; so far the WTO membership had neutral effect for exports, imports and investment flows. The WTO accession’s main impact on the economy consists in reorienting the Government and businesses from protectionist policies to structural reforms towards increased competitiveness of Kyrgyz produce.
Authored by: Roman Mogilevsky
Published in 2004
The Catalyst bond market opened by Warsaw Stock Exchange has become an important element of the Polish securities market structure.
We hereby present the 2nd Edition of the Report, summarizing the 4 years of operations of the WSE Catalyst bond market, with special con-sideration of municipal bonds, cooperative bonds and corporate bonds.
Russian Internet Dealbook 2012 2013 Fastlane VenturesVasily Ryzhonkov
Research about investments in Russian Internet Startups. Just to remind you that Russia in 2013 had the biggest Internet users in Europe around 60 mln people.
Russian internet Deal Book 2012-2013 Fastlane VenturesAndrey Kulikov
New research by Fastlane Ventures covers 600 deals made in Russian internet in 2012-2013. This second edition of the Deal Book provides the most accurate data collected by Russian leading investment company. In-depth analysis of RuNet investments is aligned with opinions of leading industry players.
The paper looks at a five-year experience of the membership of the Kyrgyz Republic in WTO. It provides an analysis of the pre-accession trade policies, the commitments taken by the Government of the country in the accession process and the post-accession record of foreign trade and investments in Kyrgyzstan. The paper considers also regional trade agreements in Central Asia, the extent to which these agreements influence the trade performance and the potential conflict related to the simultaneous membership in WTO and in regional economic cooperation structures. The paper concludes that neither of standard assumptions on consequences of WTO accession holds true with regards to Kyrgyzstan; so far the WTO membership had neutral effect for exports, imports and investment flows. The WTO accession’s main impact on the economy consists in reorienting the Government and businesses from protectionist policies to structural reforms towards increased competitiveness of Kyrgyz produce.
Authored by: Roman Mogilevsky
Published in 2004
The Catalyst bond market opened by Warsaw Stock Exchange has become an important element of the Polish securities market structure.
We hereby present the 2nd Edition of the Report, summarizing the 4 years of operations of the WSE Catalyst bond market, with special con-sideration of municipal bonds, cooperative bonds and corporate bonds.
Клуб анонимных аналитиков, Инфографер, Москва, 19 октябряMaxim Gorchakov
Разбор текущих трендов в годовых отчетах крупных российских компаний. Представлено на собрании Клуба анонимных аналитиков в Москве 19 октября 2016 года
DealMarket Digest Issue136 - 11 April 2014Urs Haeusler
SEE WHATS NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 136 - April 11th, 2014:
- Billion Dollar Deal for Goldman Sachs’ Private Equity
- More Capital for Fewer Ventures This Year-to-Date
- Singapore’s Temasek Expands
- Sellers’ Market: Private Equity’s Distributions Jump in 2013
- PE Performance Improves Outside the US But Still Below Public Markets
- Quote of the Week: Contrarian Views
Various factors impacted the Asian economies during 2Q 2013, such as further confirmation
of slower than expected growth in China and increasing worries on the next interest hike
in Asia as the US Federal Reserve signaled they may start scaling back its quantitative
easing policy later this year. Against a backdrop of weakening economic conditions across
the region, individual Asian countries have seen a drop in inflation and are still subject to
various challenges ahead such as the potential risk of liquidity outflow from Asia. With
the economic performance yet to show any sign of acceleration, the region is entering an
era of slower growth.
The economic environment in Asia is expected to remain uncertain as the region continues
to be reactive to the overall global economic conditions. Individual governments are expected
to focus on economic issues and introduce additional stimulus measures to help their
countries emerge from prolonged bouts of deflation. Nevertheless, based on the findings
of Colliers Asia Office Leasing Survey for 2Q 2013, it is anticipated that rents will increase
in the next 12 months but the pace of rental growth will taper off. Investment transaction
volume is likely to consolidate further in the second half of 2013, as risk-averse investors
continue to be cautious, due to concerns that rising interest rates will lead to higher property
yields and reduced property values.
Are you curious about how the accountant career path? We invite you to read the latest report Salary Survey 2013, where you will find an overview of the positions, responsibilities and remuneration of employees Accounting specialization.
Etude PwC sur les transactions dans les services financiers en Europe au T2 2012PwC France
Sharing Deal Insight fournit des perspectives sur les dernières tendances et les futurs développements dans les services financiers. PwC a analysé les données fournies par mergermarket, Reuters et Dealogic de transactions annoncées et celles en attente de clôture au deuxième trimestre 2012. Les transactions analysées portent sur une part d’acquisition supérieure à 30% - ou sur une part importante donnant le contrôle effectif à l’acquéreur.
RMG Russian Venture Capital Market Overview 2Q2013Boris Orlovetsky
Rye, Man & Gor Securities is pleased to present the first issue of the Russian Venture Capital Market Overview, which includes a rundown of Russia’s venture capital market and an industry focus dedicated to the cloud technology market.
Kreston Ukraine, together with Ukrainian Venture Capital and Private Equity Association (UVCA), AVentures, and ISE Corporate Accelerator, is pleased to present the results of the annual Ukraine Deal Review 2021, also covering 3 months of 2022.
In 2021, Ukrainian startups attracted venture capital investments worth USD 779.6 million, 46% more than in 2020. Like in a previous period, Ukrainian Startup Fund (USF) accounted for about half of the deals (47%). Investments attributed to private equity reached 82.8 million USD, and these are only agreements with the disclosed amount.
In 2021, six new players joined the Ukrainian venture capital market. GEEK Ventures, SID Venture Partners, ZAS Ventures, ANCHOR, and PAWA offer Ukrainian startups financing of around USD 0.5 million, along with their experience and expertise. World-renowned companies also did not ignore Ukraine last year: 19 of them opened their R&D centers, offices, and engineering hubs in Ukraine.
In the first quarter of 2022, the development of private technology investment markets did not halt despite the large-scale Russian aggression. In January–March 2022, 11 venture capital deals of USD 11.5 mln, 3 private equity deals of USD 4 mln, and 8 exits of USD 135 mln already took place. International companies went on establishing new R&D centers and offices in Ukraine. In addition, global technology companies, EU countries, and Ukrainian IT communities have offered Ukrainian startups several support programs.
Overview of Russian IT venture capital deals in 2011Mikhail Demidov
This first edition of the MoneyTree
ТМ
: Venture Capital Market Navigator (the MoneyTree
TM
Russia Report) 2011 is fully devoted
to venture capital investment in the IT sector, which is the most dynamic and transparent sector of the Russian market
Клуб анонимных аналитиков, Инфографер, Москва, 19 октябряMaxim Gorchakov
Разбор текущих трендов в годовых отчетах крупных российских компаний. Представлено на собрании Клуба анонимных аналитиков в Москве 19 октября 2016 года
DealMarket Digest Issue136 - 11 April 2014Urs Haeusler
SEE WHATS NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 136 - April 11th, 2014:
- Billion Dollar Deal for Goldman Sachs’ Private Equity
- More Capital for Fewer Ventures This Year-to-Date
- Singapore’s Temasek Expands
- Sellers’ Market: Private Equity’s Distributions Jump in 2013
- PE Performance Improves Outside the US But Still Below Public Markets
- Quote of the Week: Contrarian Views
Various factors impacted the Asian economies during 2Q 2013, such as further confirmation
of slower than expected growth in China and increasing worries on the next interest hike
in Asia as the US Federal Reserve signaled they may start scaling back its quantitative
easing policy later this year. Against a backdrop of weakening economic conditions across
the region, individual Asian countries have seen a drop in inflation and are still subject to
various challenges ahead such as the potential risk of liquidity outflow from Asia. With
the economic performance yet to show any sign of acceleration, the region is entering an
era of slower growth.
The economic environment in Asia is expected to remain uncertain as the region continues
to be reactive to the overall global economic conditions. Individual governments are expected
to focus on economic issues and introduce additional stimulus measures to help their
countries emerge from prolonged bouts of deflation. Nevertheless, based on the findings
of Colliers Asia Office Leasing Survey for 2Q 2013, it is anticipated that rents will increase
in the next 12 months but the pace of rental growth will taper off. Investment transaction
volume is likely to consolidate further in the second half of 2013, as risk-averse investors
continue to be cautious, due to concerns that rising interest rates will lead to higher property
yields and reduced property values.
Are you curious about how the accountant career path? We invite you to read the latest report Salary Survey 2013, where you will find an overview of the positions, responsibilities and remuneration of employees Accounting specialization.
Etude PwC sur les transactions dans les services financiers en Europe au T2 2012PwC France
Sharing Deal Insight fournit des perspectives sur les dernières tendances et les futurs développements dans les services financiers. PwC a analysé les données fournies par mergermarket, Reuters et Dealogic de transactions annoncées et celles en attente de clôture au deuxième trimestre 2012. Les transactions analysées portent sur une part d’acquisition supérieure à 30% - ou sur une part importante donnant le contrôle effectif à l’acquéreur.
RMG Russian Venture Capital Market Overview 2Q2013Boris Orlovetsky
Rye, Man & Gor Securities is pleased to present the first issue of the Russian Venture Capital Market Overview, which includes a rundown of Russia’s venture capital market and an industry focus dedicated to the cloud technology market.
Kreston Ukraine, together with Ukrainian Venture Capital and Private Equity Association (UVCA), AVentures, and ISE Corporate Accelerator, is pleased to present the results of the annual Ukraine Deal Review 2021, also covering 3 months of 2022.
In 2021, Ukrainian startups attracted venture capital investments worth USD 779.6 million, 46% more than in 2020. Like in a previous period, Ukrainian Startup Fund (USF) accounted for about half of the deals (47%). Investments attributed to private equity reached 82.8 million USD, and these are only agreements with the disclosed amount.
In 2021, six new players joined the Ukrainian venture capital market. GEEK Ventures, SID Venture Partners, ZAS Ventures, ANCHOR, and PAWA offer Ukrainian startups financing of around USD 0.5 million, along with their experience and expertise. World-renowned companies also did not ignore Ukraine last year: 19 of them opened their R&D centers, offices, and engineering hubs in Ukraine.
In the first quarter of 2022, the development of private technology investment markets did not halt despite the large-scale Russian aggression. In January–March 2022, 11 venture capital deals of USD 11.5 mln, 3 private equity deals of USD 4 mln, and 8 exits of USD 135 mln already took place. International companies went on establishing new R&D centers and offices in Ukraine. In addition, global technology companies, EU countries, and Ukrainian IT communities have offered Ukrainian startups several support programs.
Overview of Russian IT venture capital deals in 2011Mikhail Demidov
This first edition of the MoneyTree
ТМ
: Venture Capital Market Navigator (the MoneyTree
TM
Russia Report) 2011 is fully devoted
to venture capital investment in the IT sector, which is the most dynamic and transparent sector of the Russian market
The Ukrainian Venture Capital and Private Equity Association (UVCA) and the audit and consulting company Kreston Ukraine present the “Ukraine venture capital and private equity markets 2020” annual review, which also includes data for 8 months of 2021.
According to the results of 2020, Ukrainian technology companies and their investors closed 188 deals with investors worth USD 533.5 million. About 50% of the deals are small grants (25 and 50 thousand USD) from the Ukrainian Startup Fund. For 2020—2021, it has invested USD 5.3 million in Ukrainian projects.
Just three years ago, Ukraine did not have a single unicorn among its startups. Nowadays, as many as five of them — Gitlab, Grammarly, Bitfury, People.ai, and Ring — raised USD 1.3 bln funding and dominate the global market.
In this review, we analysed the key market trends, such as “investment focus on software projects”, “increase of foreign investors in the Ukrainian market”, “growing quality of Ukrainian startups and their interest in smart money” for the first time. The key drivers and barriers to market development were identified — the respondents noted that despite the imperfect regulatory framework, the country still has enough private capital to promote the sector.
Generally, all market players are unanimous in their outlooks and are quite optimistic about further market development. According to 81% venture and 67% private equity investors surveyed, all quantitative indicators are likely to grow, and high-tech industries traditionally represent the most promising ones.
Ukrainian investors primarily point to the experience and qualification of the team (according to 94% venture and 17% private equity investors surveyed) and the market potential of the business idea (according to 82% venture and 83% private equity investors surveyed), among the key factors for investment decisions. On the other hand, when choosing an investor, startups consider their industry expertise, investment terms, and ‘smart money’ they can get.
The study results show that Ukrainian companies offer attractive, relevant, and globally competitive solutions and demonstrate sustainability and adaptability in COVID-19. Ukraine is gradually transforming from a talent and idea exporter into a big international venture capital market player.
DealMarket Digest Issue111 - 4th October 2013Urs Haeusler
SEE WHATS NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 111 - October 4th, 2013:
- Venture Capital in Europe Rebounds Ahead of US
- Buyouts Are up 19% This Year To-Date
- Europe’s Hottest Tech Startup You’ve Never Heard Of
- Mega-buyout for Blackstone Hotel Investment
- Family Offices’ Growing Role in Silicon Valley
- Choosing a Private Equity Partner - The Investors View
The article examines the theoretical aspects of the crowd finances development in
modern conditions on the territory of the Russian Federation, identifies the main areas of
crowd funding and presents statistical indicators for each of them. The authors analyze
the crowd funding market and compare the leading market players attracting investments
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
2. Dear friends!
•
We are pleased to present the new issue of RMG’s Russian Venture Capital
Market Overview, offering a detailed analysis of Russia’s VC market in
3Q2013.
3Q proved the most successful quarter to date in 2013 by VC invested and
deal count. Russia made further progress towards a mature venture capital
market, with a record amount of capital raised in exit deals and a surprising
upsurge of activity by corporate VC investors.
However, there are still a number of unresolved structural problems. Seed
financing in Russia is scarce and comes mostly from state-backed funds and
financial organizations. Also, the dominance of IT over other technology
sectors on the VC market is much greater in Russia than in developed
markets.
Although the amount of venture capital invested in Russia is likely to be much
lower in the four quarters of 2013 than in 2012, the current year has brought
advances in the quality and depth of Russia’s VC market. Formation of a
history of successful exits, increased interest in venture investments among
corporations, and steps by the government to create a favorable venture
environment are helping local and foreign VC investors to see Russia as an
attractive market.
Our aim in this report is to help make the Russian VC market more transparent
and understandable, and thereby contribute to its growth.
Arseniy Dabbakh
Director, Corporate Finance
Rye, Man & Gor Securities
2
3. Contents
About Rye, Man & Gor Securities ..................................................................................... 4
Russia’s venture capital market: the 2-minute tour ........................................................... 5
Trends on the VC market .................................................................................................. 6
VC market overview .......................................................................................................... 7
Exits and large deals ……….............................................................................................. 8
New VC funds in 3Q ......................................................................................................... 9
VC market structure ......................................................................................................... 10
Methodology …................................................................................................................ 13
Contact information ......................................................................................................... 14
3
4. About Rye, Man & Gor Securities
Rye, Man and Gor Securities (RMG) is an independent Russian
investment company. RMG has been on the market for 20 years, in
which time it has earned an excellent reputation among both clients
and peers as a reliable partner.
RMG provides a wide range of services to Russian and foreign clients
in the venture capital market, including:
–
–
–
–
–
search for promising target assets;
capital raising through public or private offerings;
search for strategic investors and M&A deal support;
venture project support, including strategy development and
measures to increase capital-raising potential;
advisory on deal structuring and financing, deal processing,
negotiations, and due diligence of target companies.
Rye, Man & Gor Securities is a member of the National Alternative
Investment Management Association (NAIMA). NAIMA is a non-profit
partnership representing alternative investment firms and service
providers committed to the growth of long-term capital in Russia. Its
major targets are:
–
raising awareness of the alternative investment sector among
asset allocators, regulators and entrepreneurs;
–
creating a more favorable legal environment for direct
investments;
–
promoting Russian private equity and venture capital in the global
limited partner/general partner community and setting
professional standards for further development of this market.
4
5. Russia’s venture capital
market: the 2-minute tour
Biotech $1m
Industrial tech $7m
Other technologies $6m
Soft/Internet B2B
$14m
Seed $20m
3Q2013
Round A $25m
Round B $17m
+17%
Round С+ $8m
compared
to 2Q
VC invested
Soft/Internet B2C
$42m
$163m
$93m
$70m
7
91
98
non-exits
Expansion
$35m
Exit
$93m
exits
Private funds
$40m
deals closed
+89%
Growth
$6m
compared
to 2Q
Startup
$14m
Seed
$15m
Corporate
$13m
Public
$9m
Business angels $6m
PPP $1m
5
6. Trends on the VC market
•
Both state-backed VC organizations and private funds are increasingly
interested in early stage VC projects. In an attempt to bridge the existing
seed capital gap, the government’s Agency for Strategic Initiatives has set
up the Internet Initiative Development Fund (IIDF), which will invest RUR
6bn (about $200m) in promising early-stage companies.
•
A recent spate of checks and investigations by law-enforcers and
supervisory agencies after allegations of embezzlement in the governmentbacked VC world has been has come to an end. Skolkovo and Rusnano
seem to have convinced the “hard end” of the Russian government that VC
investments are inevitably high-risk, and that lost investments are not a
crime. We view this as a useful “despooking” of the Russian VC market
•
An increasing number of VC educational projects are being launched. One
educational initiative, People of the Future, started its Venture Academy in
the summer. Venture Kitchen, founded by the Higher School of Economics
and Russian Venture Company, has been operational since July.
•
Transparency remains the major issue for Russia’s VC market. Neither
private funds nor public institutions are eager to disclose their deals and
stakeholders. Even the government-backed IIDF (see above) refuses to say
whose money it will invest.
•
The business angel community is virtually non-existent in Russia. In 3Q,
angel investors took part in 40% of VC deals, but this is a much smaller
share than elsewhere in the world and the lack of such investors is stunting
market growth. For comparison, business angels financed as many as
50,000 US companies in 2012, whereas venture funds invested in just 600.
A strong angel investor community provides market depth and the seed
financing that Russia still lacks.
6
7. VC market overview
3Q becomes the most successful quarter for Russia’s VC
Russia’s VC deal flow
US$ million, excl. deals closed
99
500
89
98
100
85
75
400
80
50
300
60
52
Exits
Base market
200
40
55
52
100
93
167
336
135
149
87
3Q2012
4Q2012
1Q2013
2Q2013
20
70
2Q2012
Deals closed
3Q2013
0
0
Source: RMG
According to our estimates, there were 98 VC deals
closed in Russia in 3Q13, worth $163m in total,
which is 17% more than a total of $139m invested in
2Q. The deal count increased by 88.5% q-o-q. So
3Q was the most successful quarter in 2013 in
terms of both deal count and value.
3Q saw a record amount of exits, with $93m earned
by investors who sold their shares in venture
companies, accounting for 57% of total VC
investments in 3Q13. For comparison, exits
amounted to $52m (37.4% of all VC) in 2Q and no
exits were registered in 1Q.
We therefore estimate the size of the VC “base
market” (VC investments, excluding exits and large
deals) at $70m in 3Q, down by 19.5% compared to
with 2Q.
The total VC invested in 2013 (year-to-date) is
$451m, far less than the $706m invested in the first
three quarters of 2012. We expect the amount of VC
investments in Russia in 2013 to be much lower that
last year’s level of $861m.
It should be noted that we exclude the deal, in which
Russian Direct Investment Fund (RDIF), the EBRD
and Capman Russia II invested $100m in Maykor,
an IT consulting and outsourcing business. Maykor
is a mature company that has a steady business
model and a broad customer base, so we do not
view this as a VC deal even though Maykor is an IT
company. The same rationale applies to the $130m
Lamoda
deal closed in 2Q, which we also
excluded.
7
8. Exits and large deals
3Q13 set new records for the number and size of exits
Company name
Business description
Investor
Exiting
stakeholder
Deal value, $
million
Sector
Exits
Yandex.Money
Electronic payments
Sberbank of Russia
Yandex
60
Finance
QuickPay
Cash payment terminal
Net Element
Founders
0.5
Other
technologies
Banki.ru
Information portal for the banking
industry
Russia Partners
Technology
Finam
6
Content
providers
iConText
Context ads service
iTech Capital
Lev Gleyzer
10
Marketing /
Advertising
Travel.ru
Information portal on tourism
Oktogo
Founders,
Touralliance
2
Content
providers
TM
Media holding owning habrahabr.ru
and other online media projects
Denis Kryuchkov
Mail.ru Group
4.5
Content
providers
Platron
Acquiring system for E-commerce
Ocean Bank
Tatyana
Glazacheva
10
Other B2B
services
100
Other IT
Large deals
Maykor
IT consulting / outsourcing
RDIF, EBRD, Capman
Russia II
Source: RMG
3Q saw a record level of exit activity. There were 7
exit deals in which $93m were spent. For
comparison, there were only 2 exit deals in 2Q with
total value of $52m, and no exits were announced in
1Q.
but in 2013 foreign VC investors started looking at
Russia more positively thanks to improvement of
market infrastructure and increase in market depth.
A history of successful exits is viewed by investors
as a mark of quality for any VC market.
Exits are a key measure of market maturity. A poor
exit record has been one of the factors limiting the
inflow of foreign venture capital into Russia so far,
8
9. New VC funds in 3Q
Internet Initiative Development Fund
Assets under management: RUR 6bn
Stages: seed
Average deal value: $15,000 – $50,000
IIDF was founded by the government’s Agency for Strategic Initiatives in spring
2013 but selection of projects only began in 3Q. The Fund’s goal is to provide
pre-seed and seed financing for promising IT projects. Kirill Varlamov, the head
of IIDF, said that the Fund’s assets under management were contributed by
large corporations.
Flint Capital
Assets under management : $30m
Sectors: TMT, E-commerce, finance
Average deal value: $0.5m - $2m
The fund was set up by ex-employees of Finam Global and already has 4
companies in its portfolio as well as managing Bull Ventures, an Ukraine-based
subsidiary fund.
IT-Online Venture
Sectors: IT
Stages: startup
Average deal value: $50,000 - $500,000
The fund is affiliated with ITOnline Group, a Russian-American company
engaged in launching and managing Internet projects. No deals have been
announced to date.
Impulse
Founders: Grigory Firsov, Kirill Belov
Sectors: marketing, advertising
Stages: seed, startup
Average deal value: $250,000 - $750,000
Impulse acts as a VC fund, incubator and accelerator. Round A co-investments
($1m+) are also possible.
Rostelecom Venture Projects Department
The state-owned telecommunications provider announced the creation of a
department for venture project development. The department is not a VC fund
but is expected to invest in third-party projects that are of interest for
Rostelecom.
Skolkovo RusInnovations
Founders: Rye, Man & Gor Securities
AUM: $250m
Skolkovo RusInnovations, an investment holding founded by RMG, will invest
in Russia and CIS-based innovative companies. SKRI plans to obtain a dual
listing in London and Moscow in 2014.
9
10. VC market structure: stages
Early-stage deal numbers increased in 3Q
VC deal flow by stage
Deals closed
7
51
69
45
29
60
26
27
Seed
22
16
20
Startup
3Q2012
4Q2012
7
3
5
4
3
Growth
1Q2013
1
1
3
7
Expansion
2Q2013
3Q2013
Source: RMG
There was a sharp q-o-q increase in the number of
early-stage deals in 3Q2013, with 60 seed and 20
startup projects receiving financing, compared to 29
and 16, respectively, in 2Q. Also, more expansion
deals were closed in 3Q13 than in any of the 4
previous quarters.
Distribution of investor types in various VC stages in
3Q reflects the structural specifics of Russia’s VC
market. A large chunk of VC invested at early
stages (38% at the seed stage and 24% at the
startup stage) was accounted for by public funds
and
development
organizations.
However,
government bodies did not participate in late-stage
deals, where private funds and corporations were
more involved.
Involvement of different investor types at different VC stages
Share of total VC invested at the respective stage, excl. exits
Business angels
4%
Corporate
Public
3% 13%
17%
23%
Private funds
13%
22%
33%
31%
Seed
$15m
38%
18%
PPP
Startup
$14m
24%
29%
Growth
$6m
45%
Expansion
$35m
87%
Source: RMG
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11. VC market structure: investors
Public funds invest in technology, private funds in IT
VC financing by sector and investor type
US$ million, excl. exits
Business angels
6.3
Biotech
Corporate
Industrial tech
13.4
Other technologies
Public
Soft/Internet - B2B
9.0
Soft/Internet - B2C
Private funds
PPP
40.1
0.9
Source: RMG
The sector allocation of VC investments in 3Q
followed the established Russian pattern. Tech
sectors,
including
biotech
and
industrial
technologies, are mainly financed by state-backed
organizations, which tend to specialize in this
sphere. Other investors are IT-oriented, with over
80% of all VC invested in software and Internet
projects. Private funds were again the most active
investors, contributing almost 50% of all capital
The structure of VC rounds is indicative of
insufficient seed financing in Russia. Private funds
are reluctant to invest in concepts that have yet to
show their efficacy in practice, and therefore
contributed only 18% of all seed capital in the
quarter. Financing from state-backed institutions
also dipped in 3Q, but IIDF, a state-backed RUR
6bn fund set up in spring 2013, is expected to
invest RUR 2bn in early-stage projects by the end
of the year, which is a substantial amount for
Russia’s VC economy.
invested.
Corporate investors were unusually active in the VC
market in 3Q, accounting for 19% of all investments
compared with just 2% in the previous quarter. High
levels of corporate VC investment activity is a
characteristic feature of developed VC markets, so
the 3Q trend suggests that Russia is moving in the
right direction.
VC invested by round
US$ million
Business angels
Corporate
Public
Private
PPP
100
80
60
40
20
0
Seed
A
B
C+
Exit
Source: RMG
11
12. VC market structure: sectors
VC investors place most faith in consumer markets
VC investments by sector
Investments, excl. exits, US$ million
80
0,9
Biotech
70
Industrial
tech
6,5
60
Enterprise
management
systems
5,6
Other tech
6,0
50
Software/Internet
B2C E-commerce
14,4
Software/Internet
B2B
40
8,8
Other
B2B
services
30
16,1
Education
20
13,3
Other B2C
services
10
69,7
41,9
12,6
0
Total
Tech 19.2%
IT 80.8%
Source: RMG
B2C software and Internet services attracted more
than a half of all VC investments (excluding exits) in
3Q and over 23% of all VC was invested in ecommerce projects. E-commerce retained its
popularity with investors but the bias in its favor was
less marked than in previous quarters.
The proportion between tech and IT has shifted a
little towards the former: IT attracted 80.8% of all
VC invested, whereas the figure was 87% in 2Q and
The average value per VC deal declined to $0.8m
in 3Q from $1.7m in 2Q. The decrease was mainly
due to a sharp rise in the number of seed-stage
deals.
89% in 2012. More importantly, biotech and
industrial tech financing is no longer a government
preserve, as corporate investors are increasingly
interested in these sectors.
Average VC deal value
3
US$ million
2
1
0,7 0,7
1,9 0,8
1,7 0,8
2,5 1,7
Tech
IT
All sectors
2Q2013
0
Including exits
Excluding exits
Source: RMG
12
13. Methodology
For the purposes of this report, ‘venture capital
investments’ stand for investments in high-risk and
potentially highly profitable technological projects.
Only VC investments in companies whose
operations are focused on the Russian market were
included in calculation of the market size.
Companies financed by Russia-based investors, but
oriented to foreign markets are not included in the
analysis.
Grant financing was included in the calculation of
market size as, although grants are non-repayable,
they are used to finance commercial VC projects
and thus represent an inflow to the VC economy.
An ‘exit’ stands for a deal in which at least one
investor exits a venture company’s capital.
technologies, robotics and other technologies
designed for industrial use.
Computer tech and equipment: telecommunications,
data storage, mobile technologies and computer
equipment.
Software/Internet B2B: applications and web
services whose clients are mostly businesses. The
sector includes enterprise management, marketing,
product development solutions etc.
Software/Internet B2C: applications and web
services whose clients are mostly individual
consumers,
including
e-commerce,
content
providers, search and recommendation engines,
consumer finance solutions, educational services,
games, social networks etc.
For the purposes of this report, 4 stages of a VC
project development are distinguished:
1. Seed: the project exists only as an idea or
laboratory research.
2. Startup: a company is in the process of
organization or has conducted operations for
some time but sales have been minimal or zero.
3. Growth: launch of marketing and regular sales
of a new product..
4. Expansion: a company increases its sales,
market share, output etc.
We have modified the methodology of VC sector
classification, compared to our 2Q report. The
methodology we have adopted for this report (and
future reports) enables us to determine more easily
and correctly which sector a venture project belongs
to, based on the nature of its business.
We distinguish 7 sectors: Biotech; Industrial Tech;
Computer Tech and Equipment; Other Tech;
Software/Internet B2B; Software/Internet B2C;
Other IT. The first 4 sectors comprise the Tech
macrosector and the rest comprise the IT
macrosector.
Biotech: healthcare, pharmaceuticals, diagnostics
and medical equipment development.
Industrial tech: laser, energy, green, aerospace
13
14. Contact information
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 vc@rmg.ru
Report authors:
Arseniy Dabbakh
Director
Corporate Finance
Rye, Man & Gor Securities
arseniy.dabbakh@rmg.ru
+7 495 258 62 62
Boris Orlovetsky
Analyst
Corporate finance
Rye, Man & Gor Securities
boris.orlovetsky@rmg.ru
+7 495 258 62 62
14