Finance

Sport and leisure retailer Heverest.ru raises $1.3 million

November 25, 2011

Heverest.ru, an online retailer of sports and recreational equipment, has attracted a $1.3 million investment from Rollingahead Ltd. and eVenture Capital Partners. The deal brings the current total amount invested in this startup to $2.2 million. Heverest.ru was launched in June of this year by Fast Lane Ventures, a Western-style startup incubator operating in Russia. …

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French and UK mobile startups find clients and investors in Russia

November 25, 2011

Is Russia set to be the next Eldorado for Western startups? As Russia emerges as a new hot spot on the global IT scene, companies have begun seeking new partners, clients and even investors. Among them is Capptain, a Paris based startup with solutions allowing mobile app and game developers to manage and serve their …

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Russian funds assert themselves on the international venture scene

November 24, 2011

Ru-Net, a major Moscow based venture fund, launched the American arm of its activity last month by establishing RTP Ventures, making its $700 million under management available to US Internet, SaaS and cloud computing companies. A few weeks earlier, the fund had participated in a $60 million round of financing – along with German based Rebate Networks …

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Russian Venture Company takes part in $300 million WhaleShark Media deal

November 18, 2011

Russian Venture Company, the state owned fund of funds dedicated to innovation, announced on Wednesday its indirect participation in the $150 million round of financing of WhaleShark Media Inc., a global leader in online coupon sales, through its UK affiliate Institutional Venture Partners XIII (IVP). JP Morgan Asset Management also took part in the round, …

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Russian systems integrator acquires Canadian e-book software provider

November 18, 2011

Canadian e-book software and firmware provider Evident Point, which has a separate development team in Moscow, has been acquired by LANIT, a major Russian company providing a diversified range of systems integration and other IT services. Neither the terms of the transaction nor general future plans of the two companies were disclosed.

Marina Treshchova of Fast Lane Ventures: “We just adapt relevant foreign models to Russian market conditions”

November 17, 2011

Since launching operations a year ago, Fast Lane Ventures has affirmed itself as one of the most active investors on the Russian Internet scene. Among its most notable startups have been online shoe retailer Sapato.ru, daily deal site KupiBonus.ru, airfare search service Jizo.ru, real estate database Domgeo.ru and Q&A content provider Relevant Media. Fast Lane co-founder …

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Play marketing site The Battle of Brands attracts investment from iTech Capital

November 15, 2011

Russian private equity fund iTech Capital announced last week its investment in The Battle of Brands, a popular website launched in March of this year in both Russian and English languages. The amount of the capital injection was not disclosed, but an iTech representative told East-West Digital News the fund had obtained a majority stake …

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Microsoft and Skolkovo to co-invest in Russian tech companies

November 14, 2011

Skolkovo residents that have received a Microsoft seed fund grant are now eligible to receive a matching grant from the Skolkovo Foundation. The news was announced in a press conference last week by the foundation’s president Viktor Vekselberg and Microsoft COO Kevin Turner, who at the same time announced further plans for collaboration to support …

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Skolkovo startups attract $265 million from 22 funds

November 12, 2011

Residents of the Skolkovo innovation hub under construction near Moscow have already attracted $265 million in pledged investment from 22 funds since the beginning of this year, Russian business daily RBC Daily reported yesterday. Among these investors are Russian management company Leader, the Canadian fund Pangaea Ventures, Bright Capital, Foresight Ventures, Runa Capital, Softline Venture …

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US investors to fund Russian startups through new accelerator in St. Petersburg

November 8, 2011

Just days after Texdrive, Russia’s first international startup accelerator, opened in Moscow, the St. Petersburg National Research University of Information Technologies, Mechanics and Optics (ITMO) announced in late October the creation of its own startup accelerator in partnership with US venture fund RSV Venture Partners. Operations will start early in 2012 at the university-hosted startup …

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Fast Lane Ventures invests in Airbnb copycat

November 7, 2011

Witnessing a growing interest in the Russian online alternative accommodation market, Moscow business incubator Fast Lane Ventures acquired a stake in Travelrent.com last month. Founded in 2009, Travelrent.com is one of the startups emerging on the local scene, focusing on Russian language users in Russia and neighboring countries. The site currently lists 3,500 available accommodations, with …

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Yandex.Dengi in talks with Russian banks to comply with new law on payment systems

November 4, 2011

Russian search giant Yandex is holding talks with Russian banks to negotiate the sale of a stake in its e-currency service Yandex.Dengi (Yandex Money), said Yandex CEO Arkady Volozh in an exchange with journalists last week. Yandex is considering the move as a means of compliance with new legislation on payments systems passed in the …

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