Last week, Yandex announced it will provide seed funding to TimeBooker, an Israeli startup which intends to serve small and mid-sized service companies with an innovative booking solution.
The seed funding, which industry blogger Yakov Sadchikov thinks is “in the range between $50,000 and $100,000,” will be brought under the Yandex.Factory program.
The Yandex.Factory team praised TimeBooker’s creators, who developed a “unique mathematic model that can have service costs vary depending on the quantity of bookings.”
TimeBooker emerged at the Webready startup contest held in St. Petersburg in late 2011. It is now taking part in the Betaspring startup Accelerator program in Boston, USA.
The Yandex.Factory program, which invests in Russian as well as in foreign early stage startups, has received more than 2,000 applications since its launch in April of last year. Among those enjoying support from the program have been the US mobile app startup Refine.io, the Russian social commerce application developer Social Market, and ZenMoney, a personal accounting and budget planning service from St Petersburg.
Before the Yandex.Factory program, the Russian search giant had announced an investment in another Israeli startup: Face.com, which develops facial recognition technologies.
