A state-supported venture fund in St. Petersburg (“The St. Petersburg regional venture fund for investment in small businesses in the scientific and technical sphere,” in Russian officialese) has announced an investment of an undisclosed amount in Breeze Technology, a startup developing innovative payment methods for public transportation.
Breeze Technology has provided St. Petersburg and Moscow public transport authorities with NFC solutions. It has also developed payment methods tied to mobile accounts and bank accounts.
Breeze is a subsidiary of Technologies of Processing, a developer of payment solutions also based in St. Petersburg.
The St. Petersburg regional fund is affiliated with VTB Capital, the venture arm of VTB, a leading Russian financial group.
Sources: VTB Capital, CNews.ru
