According to the results of the first half of 2023, the largest

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Stanislav Kolesnichenko, Managing Partner of the Sk Capital investment platform, also shared his opinion on the reasons for the market decline: "Key venture investors spent the entire 2023 rethinking their strategies, and startup founders accepted the new reality of their companies' value. This situation is typical for many venture markets, including the US, Europe and Israel. Public valuations of technology companies have fallen, the cost of money has risen, and the value of a startup at an early stage is not obvious. If we add specific regional risks here, we will get a real "venture winter". Therefore, 2023 will not be a year of venture investments, but of active mergers, acquisitions and, possibly, public offerings in the technology segment. australia whatsapp resource Strategists actively bought, and private investors demanded technology IPOs of companies that show real venture growth against the backdrop of import substitution. According to our expectations, updated valuations during the sale of startups and the valuations obtained during the IPO will set indicators for the market in 2024 and will improve its activity. We will inevitably see growth, albeit according to new, more modest estimates and multipliers than a couple of years ago."

The number of transactions involving state investors increased by 47%, with the Investment and Venture Fund of the Republic of Tatarstan demonstrating the greatest activity. It financed 17 technology companies (almost 70% of all transactions in the segment). However, the average transaction size in this segment in the first half of 2023 decreased by 40 times from $4 million (RUB 388 million) to $100 thousand (RUB 9.7 million).

number of startups in Russia are still launched in the FinTech field (15.6% of the total number), another 11.9% are developing projects in the fields of medicine and health.

As part of the study, Dsight analysts conducted a survey among companies on the main challenges when working with startups in the first half of 2023. Corporations cite several problems: lack of quality solutions on the Russian market (68% of corporations); discrepancy between the quality of the solution declared by the startup (64%); bureaucratic problems (32%); legal problems (27%); lack of information about the market and solutions (14%).

For the convenience and interaction of market participants, there are digital platforms that are aimed at improving the situation with venture investments in Russia. Alexey Tuzikov, Executive Director of the startup ecosystem of Sberbank PJSC, spoke about one of such projects: "We are working on the SberUnity online space, which unites startups, interested investors and corporations. We have had several stages of rebirth. Now we have gained critical mass and are working on improving the product. There are already about 3,300 startups and 50 corporations on the platform that we work with. Each startup representative can find an investor, and investors can invest in a promising project. The number of platform participants is currently growing. We plan to double their number in the fourth quarter of 2023."

Alexey Kurasov, Head of Corporate Finance at FG Finam, gave a forecast for future indicators of the venture market: "The situation will not change fundamentally until the second quarter of 2024. As soon as speculative purchases of foreign assets leave the market, it will begin to revive."

Vladimir Chernov named the reason why it is problematic to make an accurate forecast: "Since the Russian venture market largely depends on the geopolitical situation and the monetary policy of the Central Bank of the Russian Federation, it is not yet possible to make a forecast even for two years ahead. In 2024, the Russian venture market will probably continue to fall amid tensions in politics and the economy."