We are pleased to present the results of our survey on down round risks conducted among representatives of 30 venture funds and business angel clubs investing both in Russia and internationally.

The objective of this study was to identify the risks perceived by investors in down rounds and the protective mechanisms they use.

Commenting on the research results, our firm's co-managing partner, Andrey Chumakov, noted:

It's crucial to note the disparity in approaches between investors who have not yet faced down rounds and those actively involved in structuring them. The former tend to prioritize anti-dilution mechanisms, while for the latter, although still popular, protection through a ratchet mechanism appears to be more sought after.

We invite you to review the full report via the link, and we trust that the insights presented will prove valuable for your current and future investment decisions.

Thank you all for your participation, and we are ready to discuss the results!