Yandex announced earlier this week it will finance St. Petersburg-based Zenmoney.ru, a personal accounting and budget planning service.
This seed financing round of an undisclosed amount will be made under Yandex.Factory, an investment program launched last April to help startups finance their product, prototype, or project development at the seed or early stage.
The financial support has been conditioned by Zenmoney’s use of the Yandex API.
Despite having a beta version of the platform in 2009, the startup was launched officially only in April 2010, Yandex told East-West Digital News.
Yandex, which began trading on Nasdaq last month, has built a strong startup ecosystem to support the development of new functions and services. The search company has thus grown into a prominent Russian Internet group.
