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2020 is considered the worst year in the history of the tourism industry. Experts observe a 60–80% drop in international traffic. Many believe that even after the opening of the borders the tourism industry will not return to its previous level. What is actually happening and what is a professional investor’s opinion?

The most anticipated event on the travel market last year was the IPO of Airbnb, an online platform for short-term rentals around the world. At the base price of $68 the shares more than doubled in the first hours of trading, reaching a peak price of $187. At…


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In 2015 iTech Capital invested in its first “crypto-asset,” a cryptocurrency mining hardware manufacturer and blockchain software developer — Bitfury. At that time there were not many institutional investors willing to risk a relatively large check in this obscure, intimidating, and yet alluring niche. Two years later, when bitcoin was worth $2,000, I was assured that the cryptocurrency would be worth $50,000 by 2022.

Since then, we have seen an ASIC arms race between miners from around the world, the rise and fall of the ICO market, and the emergence of a large number of new blockchain-based technologies that are…


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2020 год считается худшим в истории туристической отрасли. Эксперты наблюдают падение международного трафика на 60–80%. Многие считают, что даже после открытия границ российская туриндустрия не вернется к прежнему уровню. Что происходит на самом деле и как на это смотрит профессиональный инвестор?

Самым громким и ожидаемым событием прошлого года на тревел-рынке стало IPO онлайн-площадки краткосрочной аренды жилья по всему миру — Airbnb. При базовой цене размещения по $68 акции уже в первые часы торгов выросли более чем в два раза и на пике стоили уже $187. На данный момент Airbnb дороже $100 млрд. Гиганту Booking.com потребовалась поддержка в размере более $4…


Venture investors are always looking for new projects. The question is how they find them. They market themselves and wait for a response, or they are the first to contact, searching for candidates by a variety of methods. The use of modern tools for the generation of a pipeline — large and local databases of projects — at first glance, may significantly reduce the time spent on search, but for any investment analyst, working with databases becomes a boring routine that requires significantly more time than he usually has the chance to spend on the generation of pipeline opportunities.

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“Where…


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Venture investors are always looking for new projects. The question is how they find them. They market themselves and wait for a response, or they are the first to contact, searching for candidates by a variety of methods. The use of modern tools for the generation of a pipeline — large and local databases of projects — at first glance, may significantly reduce the time spent on search, but for any investment analyst, working with databases becomes a boring routine that requires significantly more time than he usually has the chance to spend on the generation of pipeline opportunities.

“Where…

Gleb Davidyuk

25+ years in private equity. Managing partner at iTech Capital, a board member in more than ten tech companies, co-founder of the AIRR platform

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