The Internet Initiatives Development Fund (IIDF, or FRII in Russian, Russia’s leading startup fund) has teamed up with the Russian-Belarusian Investment Fund (RBF Ventures) to provide 263 million rubles (roughly $4 million) in fresh funding to Russian startup Multikubik.
The news was reported in late December by business daily Kommersant based on an exchange with a Multikubik representative.
Also participating in the funding deal were individual investors Fedor Zakharov, Pavel Roitberg and others. The funding will go to sales development in Russia and the USA and to prepare an improved version of the product at lower costs.
Also known as Cinemood, this Moscow-based startup has developed mini cinema projectors for children.
The company’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, reporting on “the coolest gadgets for Generation Z.”
Multikubik initially raised $200,000 via StartTrack.ru, a Russian online investor community, and more than $150,000 via Indiegogo. In early 2017 the startup secured a first $2.5 million investment from the IIDF.
