MoneyTree TM: The Russian venture capital market navigator Overview of Russian IT venture capital deals in 2011

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1 MoneyTree TM: The Russian venture capital market navigator Overview of Russian IT venture capital deals in 2011

2 MoneyTree TM The Russian venture capital market navigator This is the first ever MoneyTree TM Report to focus on Russia For over 15 years, PwC has been issuing MoneyTree TM reports on leading tech markets such as the United States and Israel. For many global venture capital market players these reports serve the definitive source of information on current market conditions and recent trends Venture capital finance development in fast-evolving markets such as India, China and Russia meant that comprehensive reviews dedicated to these countries became a necessity The publication of the report MoneyTree TM : Navigating the venture capital market is a crucial step in supporting the development of the infrastructure of the Russian ventureinnovation ecosystem, with RVC participating as a development institute The MoneyTree TM Russia Report is prepared on a basis of RVC project Database of the Russian venture-innovative ecosystem (Venture Database). Company StartupPoint acts as a partnering company of RVC project to collate and compile data on deals and venture-innovative market players 2

3 The outlook for venture capital investment in Russia s IT sector Total venture capital investment in Russia s IT-sector in 2011 amounted to USD 237 million in 139 transactions. E-commerce and projects related to entertainment and social networking are among those areas that brought in the most investment: USD mln and USD 57 mln of the venture capital investment could be attributed to these lines of business. Over half the investments (USD 124 mln) took place within the first funding round. This came in 47 deals. Data on up to 50% of the market may not be available due to their confidential nature of the deals involved. The volume of venture capital investment in the Russian IT-sector in 2012 could increase by over 50% and exceed USD 450 million. Our review did not include the majority of transactions with a volume of below USD 50,000 or major deals over USD 50 million. We also excluded grants funding of innovative companies from this review as non-market instrument. 3

4 Deals in the IT sector in 2011: growth of investment activity The greatest volume of venture capital investments in IT sector companies was observed in the second and the third quarters of In the second quarter, companies received about USD 68 million in total, and in the third quarter more than USD 91 million. The average deal size in the third quarter was significantly higher, at USD 3.6 million compared with the average for 2011 which was USD 1.7 million. The figures for the fourth quarter do not include those deals which were essentially closed in January 2012 (4 deals with total investments of USD 1.2 mln), so it is certainly possible to claim that the investment activity in 2011 is increased. Note: Not including deals for which no firm date of closure was indicated. Information for Q4, including deals that formally closed in Q Source: RVC, StartupPoint, PwC 4

5 Venture capital investments by sub-sectors : Leading e-commerce Projects related to e-commerce attracted the most investment in This sector saw 33 deals raising approximately USD 107 million in investment. Trailing the leader by the number of completed deals, venture capital projects related to entertainment and social networks saw 31 deals and USD 57 million in investment attracted. Projects related to the development and application of cloud computing technologies ranked third by the number of completed deals - at 29. Note: The diameter is proportional to the volume of investment, the investment sum and the number of deals indicated by subsector. Source: RVC, StartupPoint, PwC 5

6 Venture capital investment by stage of development: Need in startup stage investment The projects in their early growth stage attracted the most investment (USD 94 mln in course of only 16 deals). Projects at the startup stage attracted USD 38.8 mln as result of 34 deals nearly a quarter of all venture capital deals by number of transactions. Over half the investment deals, 77 deals, and total investments of only USD 30.6 mln went to projects at the seed stage. Note: "No data" - no information on investment project stage is available. Source: RVC, StartupPoint, PwC Июнь

7 Venture capital investment by financing rounds: first round is the most capital-intensive Seed financing attracted 72 companies amounting to USD 28 million Over half of all investment activity took place within the first financing round (A). In total there were 47 such transactions, putting the overall volume of investment at USD 124 million 10 transactions of round B committed on the amount of USD 31.5 million and a deal of round C in the amount of USD 12 million Note: Not including transactions for which the investment round was not indicated. Source: RVC, StartupPoint, PwC 7

8 Growth trends of venture capital investments in the IT sector in 2012 In 2012 Russian venture capital market will continue its rapid growth, so it can be expected: increasing the transparency and further infrastructure improvement of Russia s venture capital market as a whole increase in both investment standards, and increase the quality of start-up projects extension of the specialization and the emergence of large international investors appearance on the venture capital market, the first output" of the projects the tendency for an increase in capital investment rounds 8

9 Thank for your attention! This report has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this report without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this report, and, to the extent permitted by law, RVC, PwC, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this report or for any decision based on it PwC, RVC. All rights reserved. PwC refers jointly to ZAO PricewaterhouseCoopers Audit, PricewaterhouseCoopers Russia B.V. OOO PricewaterhouseCoopers Advisory, or, as the context requires, other member firms of PricewaterhouseCoopers International Limited (PwCIL).

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