E-Commerce

Elementaree raises $2 million: Russia’s food delivery market heats up

September 4, 2017

The Russian food delivery startup Elementaree.ru has secured $2 million from several investors, including venture capitalists Ilya Ogai (UFG Private Equity) and Boris Zhilin (Avenir) and Veeam Software Senior VP Anton Antich. The news was reported last week by Vedomosti, which cited exchanges with the startup and with these investors. The startup’s founder Olga Zinovyeva …

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Russian crowdsourced delivery startup secures new funding to expand across the globe

August 22, 2017

The Russian crowdsourced courier service Dostavista has raised $2.25 million — less than one year after a previous round of funding — from two major Russian VC funds, Buran Venture Capital and AddVenture. The news was reported by business daily Kommersant, which cites exchanges with the startup and the investors. The new funding will allow …

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Yandex and Sberbank agree $500 million JV plan to create “leading e-commerce ecosystem” in Russia

August 14, 2017

Yandex, the NASDAQ-listed Russian search giant, and Sberbank, Russia’s state-owned national savings bank, announced today their plans to join forces and create “a leading e-commerce ecosystem” based on the Yandex.Market e-commerce marketplace. The deal, if confirmed, would mark the biggest e-commerce investment in Russia’s history. According to a non-binding term sheet — which will ultimately be …

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Vladimir Malugin of PayPal Russia: Russian e-merchants are asserting themselves on the global market

August 3, 2017

The market of goods being sold from Russia to foreign customers is already significant, PayPal Russia’s Head Vladimir Malugin said in a recent interview with The Moscow Times. This market was worth about $2 billion last year, up 32% from 2015, according to a research conducted jointly by PayPal and the Data Insight agency. Digital goods …

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Mitsui chefmarket

Russian startup Chefmarket attracts $3.5 million from Mitsui

July 25, 2017

The Moscow-based food delivery startup Chefmarket.ru has just secured $3.5 million from Mitsui & Co — just one year after the Japanese corporation led a previous $1.5 million round. “Mitsui has designated retail and services, including e-commerce and TV shopping, as one of its key domain, and is expanding its presence through various investments. After a small …

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French corporate giants Decathlon and Servier hunt for Russian startups at Skolkovo

August 25, 2017

This past Monday a team of talent scouts from Decathlon, a French chain of sports stores with nearly 50 outlets in Russia, met with a range of Russian startups at Skolkovo, the international tech hub under completion on the outskirts of Moscow. The meeting was part of a joint initiative of the Skolkovo Foundation, French Tech Moscow, …

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New York online art marketplace with Russian co-founder raises $50 million

July 20, 2017

Artsy, a US startup whose platform allows people to learn about visual art and explore buy or sell opportunities, has just raised $50 million in equity funding at a $225 million pre-money valuation, TechCrunch and Pitchbook reported yesterday. In the long list of investors is Darya (Dasha) Zhukova, the wife of Russian billionaire Roman Abramovich and a figure …

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Ikea launches second startup accelerator program in Russia

July 20, 2017

Following the first edition in late 2015, Ikea is launching its second ‘Mega Accelerator’ in Russia. Startups are expected to help “transform the MEGA shopping malls into spaces for meetings and relaxation, improve customer experience and optimize business processes.” Owned, developed and managed by Ikea, MEGA is a leading chain of shopping centers across Russia. These malls attract some 275 …

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Uber and Yandex.taxi announce plans to merge in Eastern Europe into a $3.7 billion company

December 21, 2017

Yandex.Taxi, the taxi service of Russian Internet giant Yandex, and Uber have agreed to merge their businesses in Russia and neighboring countries Azerbaijan, Armenia, Belarus, Georgia and Kazakhstan. Should it receive regulatory approvals the transaction is scheduled for completion in late 2017, stated Yandex. [Update: the merger was cleared in Nov. 2017] “This deal is a testament …

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Russian food delivery market heats up: AddVenture invests $5 million in Grow Food

July 25, 2017

In a new illustration of VC interest in the Russian food delivery market, Grow Food has attracted $5 million from AddVenture, a Moscow-based fund, the Russian business daily Kommersant reported last week. Currently, the startup offers food deliveries to athletes on a subscription basis. Customers may pick one of two weekly eating programs. The tariffs …

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From international sanctions to mismanagement: How Wikimart.ru went bankrupt after raising dozens of millions from international investors

July 12, 2017

Last month this Russian B2C e-commerce marketplace shut down, putting an end to a long agony. Launched in 2008 by Stanford graduates Maxim Faldin and Kamil Kurmakaev, Wikimart had the initial ambition to create a Russian analog of eBay. The project was heavily funded by Western investors, with Tiger Global Management investing some $30 million …

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