While the UK has traditionally been a key destination for Russian tech entrepreneurs and investors, two recent deals involving sharing-economy startups are confirming that even Brexit uncertainties are not stopping the trend.
Thus, Impulse VC has just led a $6 million Series A round for London-based GuestReady. This three-year-old service lets shared-economy hosts manage their business on Airbnb and other rental sites, has announced , as reported by TechCrunch.
Other past GuestReady backers, as well as a new investor from Dubai, VentureSouq, also took part in the round. The startup has raised $10 million from investors in total so far, notes TechCrunch.
Impulse VC is reportedly affiliated to Russian billionaire and Chelsea FC owner Roman Abramovich. This fund already invested in UK startups in the past, including adtech startups LoopMe and Locomizer.
Almost simultaneously Target Global, a VC firm with Russian roots operating internationally, announced that it led a $42 million round for London-based insurtech startup Zego. The financing round was joined by Balderton Capital and Transferwise co-founder Taavet Hinrikus, among other investors, notes Tech.eu.
Zego offers flexible insurance for the ‘gig economy.’ Founded in 2016, the startup has recently expanded its B2B offering to cater to ride hailing, ride sharing, car rental and scooter sharing service providers.
Headquartered in Berlin with €700 million in assets under management, Target Global opened an office in London earlier this year, coming in addition to its Moscow and Tel Aviv offices. In a recent interview, Target Global General Partner Mike Lobanov told East-West Digital News his firm had “always been active” in Great Britain: “with or without Brexit, London will continue to be one of the world’s most innovative technological hubs with high growth rate.”
“Of course, Brexit can have an impact on the economy for the next several years, but it brings only a nuance to that picture [and] opportunities will disappear. Britain continues to produce entrepreneurs and startups that are capable of succeeding globally,” Lobanov concluded.
