Last week the Internet Initiatives Development Fund (IIDF, or FRII in Russian, Russia’s leading startup fund) announced that it injected 150 million rubles, or around $2.5 million, in Multikubik in exchange for a minority stake.
Also known as Cinemood, this Moscow-based startup has developed mini cinema projectors for children. The funding will go to manufacturing, R&D and international expansion, with the USA as the primary target.
According to IIDF, the size of the Russian and US target markets combined exceeds $700 million.
Cinemood’s flagship product, ‘Storyteller,’ is a cloud-connected mini cinema projector that can project content onto any surface. It features expertly curated content so that users can pick from movies, cartoons, audio stories, digital books and fairytale adventures, according to the company.
“This wireless and totally portable projector for kids means that spontaneous movie nights outside on the side of the house are completely possible,” Mashable wrote last year, reporting on “the coolest gadgets for Generation Z.”
The startup claims that Storyteller does not damage kids’ bio rhythms because of its reflected light does not have blue spectre.
The device, which is manufactured in China, can be bought in Russia starting from 20,000 rubles (roughly $330). It can also be pre-ordered on the company’s website starting from $449.
Cinemood says that it generated $400,000 in sales revenues in 2015, and expects to break even this year.
Prior to IIDF’s capital injection, Cinemood had raised $200,000 via StartTrack.ru, a Russian online investor community, and more than $150,000 via Indiegogo.
Sources: IIDF, Cinemood, Kommersant.ru, Firrma.ru
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