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RVC presents the annual rating of the most active venture investors in Russia.

26.12.2018

Research results show how main market players acted in 2018 and how main industry trends developed. The rating considers three types of start-up investors: venture funds, business angels and corporations.

Venture funds

The rating prepared by RVC in partnership with EY presents a list of the most active Russian venture funds of this year. Those persons that closed the greater number of deals with the start-ups from December 2017 to December 2018 are included in the list. The key rating parameter is a number of the projects invested.

In 2018, total number of active funds increased and constituted 95 funds against 55 funds in the previous year. It should be noted that in general activity of the Russian funds didn't change. Russian funds closed 441 deals in total, for the previous year — 391.

The rating divides the funds to four categories: classic funds, seed funds, new funds and foreign investors. The most active classic fund is Runa Capital that invested more than $15 million in 16 companies. Da Vinci Capital set up with participation of RVC and invested, in 2018, $100 million in 5 projects including investments in Gett taxi service, was also included in the rating. The first place in the category of seed funds for the third year in raw is taken by IIDS with the investments for $12 million in 100 projects. The leader among the new funds is Day One Ventures and GPS Ventures — among foreign investors. The most active managing company is Target Global that closed 15 deals in the outgoing year.

Besides, top 10 managing teams includes RVC Infrafund that invested in 2 projects.

Like last year, the key place in the rating are taken by IT funds. The only top 3 participant working in the other direction — alternative energy is I2BF Global Ventures with the investments in 15 projects in the amount of $8 million.

The number of foreign funds investing in the Russian start-ups increased up to 14 (in 2017 — 11).

Top active classic funds:

  • Runa Capital — 16 projects invested 
  • I2BF Global Ventures — 15 projects invested 
  • Target Global — 15 projects invested 
  • Primer Capital — 10 projects invested 
  • Fort Ross Ventures — 9 projects invested 
  • Gagarin Capital — 9 projects invested

Top active new funds:

  • Day One Ventures — 11 projects invested 
  • Larix — 4 projects invested 
  • NP Capital — 4 projects invested 
  • Target Global Fintech Opportunities Fund — 2 projects invested 
  • Target Mobility 2.0 — 2 projects invested 
  • Venture Bot — 2 projects invested

Top active seed funds:

  • IIDF — 100 projects invested 
  • Day One Ventures — 11 projects invested 
  • TilTech Capital — 10 projects invested 
  • Finshi Capital — 9 projects invested 
  • Moscow Seed Fund — 9 projects invested 
  • The Untitled ventures — 9 projects invested

Top active foreign funds:

  • GPS Ventures — 3 projects invested 
  • Vostok New Ventures — 2 projects invested 
  • FJ Labs — 2 projects invested 
  • Access Industries — 2 projects invested

Top active managing companies:

  • Target Global — 15 projects invested 
  • I2BF Global Ventures — 15 projects invested 
  • Gagarin Capital — 9 projects invested 
  • Fort Ross Ventures — 9 projects invested 
  • iTech Family — 7 projects invested

Business angels

Rating of business angels demonstrates the list of the most active private investors of Russia. Rating partner is National Business Angels Association (NBAA).

According to the research, in 2018, 167 deals were closed on the market of business angels investments, and 50% — 82 deals are closed by the top 10 business angels. In total, business angles performed 13 exits. Average deal check varied from 0.5 million rubles to $ 1 million.

In the list of the most active business angels, the first place, as in the previous year, was taken by Aleksandr Rumyantsev who closed 15 deals for a year. Bogdan Yarovoy invested in 13 projects and took the second rating place. The third place was taken by Nikolay Belykh with 10 confirmed deals.

In general, rating results show that the next change of generations is coming on the market of business angels investments. Many market participants of the previous years do not invest any longer and are engaged in the projects in which they already invested by either helping them or, in separate cases, by landing in one of the most perspective companies. For example, ex top managers of "Alfa-group" Igor Baranovskiy and Timur Unarokov who invested more than 100 million rubles in Heedbook Cloud start up appeared in the rating for the first time.

It is worth noticing that business angels included in the list actively invest in their companies and prefer to invest in new companies less actively. From one side, investors believe in their portfolio, from the other side, probably, there are not so many young companies on the open market that seem interesting to them.

Top 10 active business angels in Russia:

  • Alexandr Rumyantsev — 15 confirmed deals 
  • Bogdan Yarovoy — 13 confirmed deals 
  • Nikolai Belykh — 10 confirmed deals 
  • Sergei Dashkov — 9 confirmed deals 
  • Igor Ryabenkiy — 8 confirmed deals 
  • Dmitry Bergelson — 8 confirmed deals 
  • Alex Kushner — 6 confirmed deals 
  • Vitaliy Polekhin — 5 confirmed deals 
  • Igor Shoyfot — 4 confirmed deals 
  • Vadim Kulikov — 4 confirmed deals

Corporates

In 2018, RVC for the first time compiled a rating of the Russian corporations that participated in venture investment in the most active manner. Rating partner is PwC.

Based on the results of 2018, 27 corporations were included in the number of active investors; in total, they closed 77 deals that is three times more than for the analogous period of the previous year (23 deals). Rating leader is JSFC "Sistema" with 15 deals; Sberbank and Mail.ru Group follow it with 9 confirmed investments.

Russian companies prefer to invest in the start-up not directly, but through their corporate funds. There were 1.5 times more such transactions in 2018, than direct investments. And more and more corporations set up their own venture funds. Thus, this year, WEB.RF announced creation of the new investment platform for investments in the technological start-ups Viman Capital. S7 Group created its own fund - S7 Group Investment — to invest in the projects related to digital and industrial technologies.

Most of all corporations are ready to invest in start-ups offering solutions for business. Besides this direction, corporations willingly invest in start-ups related to transport and finance. Medicine and AI follow them.

Russian corporations prefer to invest in local start-ups: In 2018, 42 deals are closed with them, and only 16 — with the foreign start-ups. Though Russian start-ups that received investments this year include those that came to the international market, for example WayRay or TraceAir.

Top 10 active corporations:

  • JSFC "Sistema" — 15 confirmed deals 
  • Sberbank — 9 confirmed deals 
  • Mail.Ru Group — 9 confirmed deals 
  • QIWI — 7 confirmed deals 
  • SC "PIK" — 5 confirmed deals 
  • Rusnano — 3 confirmed deals 
  • Softline — 3 confirmed deals 
  • S7 Group — 3 confirmed deals 
  • Rostech — 2 confirmed deals 
  • «Pharmstandard» — 2 confirmed deals
Deputy general director — investment director of RVC Aleksey Basov.
Presented partings reflect results of the intensive work of all market players. Double growth of the number of venture funds, learning of the venture investment instruments, activation of new generation of business angels — all this is a foundation for intensive market extension and development that we will see in the nearest future. They became possible thanks to effort of the state that implements system and qualified approach to stimulate innovation economy, attraction of new players and resources. Russian government needed a special instrument in order to synchronize work of regulators and development institutions in the ecosystems that becomes more complicated, in order to launch priority legal and infrastructure changes; and I am sure this instrument will be Strategy of the venture market development by 2030 presented by RVC this year. We expect that it will ensure consolidate view of the key development directions and transformation of the venture market for venture funds, authorities, corporations and private investors.

Ratings are compiled based on the analysis of the public information about the deals for the period from December 2017 to December 2018 and further questionnaire survey of the market participants.



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