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Round As take off in Spring

0 March 2014

RUSBASE'S OPINION

March 2014 was an unusual month for the Russian VC market, as Round As exceeded seed investments for the first time in many months. This suggests that investors are increasingly able to find fast-growing projects that have already established themselves on the open market. March was also a notable month for the hi-tech devices sector, with investors actively raising funds to invest in gadget manufacturers and hardware projects.



SIGNIFICANT DEALS


Dostavka.ru

$6.5 million

Gazprombank

Gazprombank acquired 21.1% of Russian e-commerce veteran Dostavka.ru at a post money valuation of $40 million. A large chunk of the money went to Sergey Kalugin, the President of Rostelekom and a former co-owner of WebMediaGoup, which previously invested in the project. Sources close to the deal suggest that Kalugin sold all his shares in the company. In the past year Dostavka.ru’s revenue grew by 27% to around $40 million, with an average spend of $300 on the site. In this context Gazprombank’s valuation is a generous one - similar e-commerce projects tend to raise investment at 20-40% of their annual revenue, but Dostavka was valued at 100% of its income in 2013. 


2Can

$5 million

Inventure Partners, Almaz Capital, ESN Group

2Can raised $5 million from Russian funds with a track record of investment in fintech startups. The funds will be spent on increasing 2Can’s market share, integrating its mobile card reader with major banks under the brand name ‘white label’ and further develop the technology behind the project. In the long term the startup is planning to produce customized payment solutions for ‘priority sectors’, to add more functions, add more partners and attract more clients. In the past 12 months the service’s user base increased five-hundred fold, while the number of transactions processed was two hundred times higher than in the previous year. 


Doctor at Work (DoktorNaRabote)

$3 million

Bright Capital, Guard Capital, Aurora Venture Capital

Russian medics’ social network Doctor at Work raised $3 million from three funds. More than half the sum will go towards developing the network, but a significant chunk was spent buying out the angel investors that first invested in the project. This Round-A deal values the project at $16.5 million.


FUND OF THE MONTH


Inventure Partners

Inventure Partners is one the 10 largest Russian funds oriented towards fast-growing consumer startups. Its portfolio includes 2Can, GetTaxi and Happlink. It also recently published research that identified the best niches worldwide for achieving very profitable exits, which prompted a lot of discussion in the Russian investment community. 


PERSON OF THE MONTH


Ziyavudin Magomedov

Dagestani entrepreneur Ziyavudin Magomedov because known by Russia’s venture community through PERI, his charitable initiative which helped bring Plug’n’Pay to Dagestan. In March 2014 two projects that graduated from Plug’n’Play (and received $20,000 from PERI) became residents of the FRII startup accelerator in Moscow.


FAIL OF THE MONTH 


Viewdle

Viewdle, a Ukrainian startup acquired by Google in 2012 has not only lost its independence, but also its development team. Ukrainian tech-sector sources report that Viewdle’s Ukraine office has been closed and the team has been transferred to work in the software department at Motorola Mobility, which was sold to Lenovo. Just a few Viewdle employees managed to get transferred to Google. 


DISCLAIMER



The data provided in the current document is gathered both from public and private sources. RusBase's analysts produce these reports based on current coverage of deals in the media, social networks and blogs. Some information is also obtained via tips from industry insiders.

These analytics (including open source data) should not be the sole source of information used for making investment decisions, securing rounds or dealing with any other issues without further clarification from the business owners or general managers. You may purchase verified data for deal-books and market insights, produced especially upon a client's request (see more details below). If you have any additional questions, comments or require any explanation, please feel free to contact us at analytics@startupafisha.ru.

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