Russian search system Yandex announced last week its intention to allocate funding for Social Market, a startup from Moscow developing a social commerce application, within the Yandex.Factory program.
The exact amount of investment has not been disclosed.
The Social Market application allows social network users to get answers to questions about what and where to buy popular goods as well as the ability to share impressions on purchases and buyer experiences.
Although the application was been designed for Facebook, it could soon be available for users on other social networks, according to the developers of the application.
The alpha version is expected to be ready this fall, Yandex PR manager Tatyana Komarova said in an exchange with East-West Digital News.
The Yandex.Factory investment program was launched last April to help startups finance product, prototype, or project development at the seed stage or earlier with funding of up to $150,000.
