PwC Technology and Innovation Center in cooperation with RVC presented at the V Annual Partner RVC Conference a new annual survey of Russian venture industry «MoneyTreeTM: Venture capital market navigator" of 2015.
"The instability of the macroeconomic situation in Russia had a negative impact on the volume of venture capital market, however, the market and the venture capital ecosystem as a whole in 2015 demonstrated the margin of safety", - the review states.
In dollar terms the market of venture deals fell by 52% compared to 2014 and amounted to 232.6 million dollars. The average size of transactions decreased by 55% and amounted to $ 1.5 million.
Number of concluded venture capital transactions increased relative to last year's figures by 21%
and the number of investors that exited the projects decreased by 13%, while their total value increased by more than 2 times in 2015.
The sectoral structure of the market in 2015 has not changed; a leading role in the total volume of investments was retained by the IT sector (88%), but the segments of biotechnology and industrial technology in 2015 reached the share of 12%.
"The results of 2015 showed a continuation of the overall trend of the previous year, Gulnara Bikkulova, the member of the Board of RVC, saod. - It is likely a figure showing certain maturity of the venture capital ecosystem, that allowed the market to resist, It also shows the government's efforts to support those market segments where the participation of private investors is not enough. This applies primarily to early stages of project development and support of high-tech development in high-tech industries. "
The number of venture capital deals in the IT industry fell by 27% in 2015 compared with the previous year and amounted to 97 transactions with total cost of 205.9 million dollars.
Among the sub-sectors IT e-commerce segment is the leader, as in 2014, the number of transactions and the amount of investment. In 2015, this sub-sector was committed 17 transactions worth 73 million dollars. The second place in the number of transactions was taken by cloud computing and software - in this segment 11 deals wereworth a total of 34.4 million dollars, which is less than 2 transaction in 2014 (by 28% in monetary terms).
The first and second place on the average size of transactions was taken by subsectors of advertising technologies and services, reference and recommendation / social networks (5.5 million dollars and 5.4 million dollars). Subsector of ecommerce finished third ($ 4.3 million).
A marked increase in the number of transactions occurred in the biotechnology sector, which showed almost a sevenfold increase in their number - from 6 to 39 sdelok. To a large extent, this figure was formed by transactions involving funds of RVC capital. The number of transactions in industrial projects rose from 10 to 15. Despite this, the volume of investments in biotechnology decreased by 48% and amounted to 18.1 million dollars in monetary terms against 35.1 million in 2014. Investments in the industrial technology sector increased by 65% ??and amounted to $ 8.6 million compared to $ 5.2 million in 2014.
In this review, large transaction volume omeans more than 100 million dollars. The number of large transactions in 2015 remained at the same level - two deals worth $ 200 million, compared with the same number of transactions in the amount of US $ 350 million in 2014. One of the transactions was made in the sub-sector of games - USM Holdings Alisher Usmanov, has invested $ 100 million in the eSports community Virtus.pro.
The number of investors exits in 2015 amounted to 26 transactions, which is four deal less than in 2014. In this case the total value of exit in 2015 more than doubled and amounted to 1.57 billion dollars compared to 731.5 million US dollars in 2014.
A separate section is devoted to the review of grants. In 2015 6074 grants were issued totaling 178.2 million dollars.
The majority of grants (5792) was awarded by the Foundation for Assistance to Small Innovative Enterprises in the scientific and technical sphere, mainly to support the sectors of industrial technology projects (2759) and biotechnology (1853).
The total amount of grants reached 155.4 million dollars in 2015.
The second large grantor was "Skolkovo", which issued 256 grants in 2015 totaling $ 21.3 million, which allowed to a certain extent compensate for the decrease in the money supply for the early stages of projects.
"At first glance, the fall of the market volume of venture capital deals, which is the basis of this study looks depressing. The negative trend his there, however, one must take into account the fact that we are talking about the dollar figures. In average, ruble has depreciated by 37% (according to official figures). "
According to Gulnara Bikkulova,
Russian venture capital market has become much more transparent in the past five years.
"Firstly, this is because the industry matures, and the players understand the value of transparency of formats. Secondly, in recent years there have been tools to facilitate the disclosure of information about transactions: rating system and the work of professional societies, including our Joint Review Panel, which creates a single database of transactions and produces regular reports. All this is very important for the promotion and advancement of the Russian venture capital market into the real business, to large corporations, which could become consumers of innovations and potential investors in the Russian venture capital funds ", - said a member of the Board of RVC.
The review made the following conclusions: despite the unstable macroeconomic situation, the Russian venture capital market has shown a good safety margin and further increase the number of exits, and the appearance of success stories are now significantly limited by the lack of a large number of interested strategic investors. "In general, the level and dynamics of investment activity in the market make it possible to form a cautiously optimistic outlook in the absence of serious external shocks."