Although deal flow remained strong and steady those three years, the amount of capital invested into Russia has declined severely as of late, dropping from $1.5 billion (RUB54.2 billion) in 2012 to $306 million (RUB11.1 billion) in 2013—a decrease of about 80%; and over one-third of last year's total came from one deal—Lamoda's $130 million (RUB4.7 billion) round. 2014 hasn't fared much better. The year has seen just $283 million (RUB10.2 billion) in capital invested thus far, and with only 25 completed deals to date, it will almost surely produce a four-year low in terms of deal count. A big contributor to the slowdown in invested capital has been the downshift of large deals. In 2011, 16 deals of $25 million (RUB904 million) or more were completed in Russia, representing 33% of the year's invested capital; last year, there were just two such deals, representing only 3% of the capital invested in the year.
To find out more about VC investment in Russia, explore additional data on the PitchBook Platform by clicking here or on the chart above.