Finance

Hoversurf wants to make Russia a global leader in air mobility

Russian businessman and philanthropist Ismail Akhmetov has invested in Hoversurf, a pioneer in autonomous flying vehicles. The amount of the deal was not disclosed, but company valuation was established at $30 million, the Russian media reported. Previous investors in the company include Qiwi co-founder Sergey Solonin, the Starta Ventures fund and several Russian individual investors. …

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Ozon’s oversubscribed IPO brings in $1.2 billion

Today Ozon announced the completion of its IPO, which started triumphantly on Nov. 24. In total, 37,950,000 ordinary shares represented by American depositary shares (ADSs) were acquired by new investors, including those corresponding to purchase options exercised by underwriters.  Taking into account the private placements and other subscriptions from Ozon’s existing shareholders, Baring Vostok and Sistema, the company …

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Online education platform gets huge funding boost from Mail.Ru, RDIF and Russia-China Investment Fund

Uchi Group, the publisher of Russia’s leading online education platform for school pupils, has agreed an investment of at least 3.75 billion rubles ($50 million at the current exchange rate) from Mail.Ru. The LSE-listed group will receive a 25% stake in exchange for this amount, while the RDIF, Russia’s sovereign wealth fund, and the Russia-China Investment …

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Russia’s Cleverbots launches AI solution marketplace and secures $1 million from agroindustrial group

Cleverbots, a Russian integrator of AI-powered enterprise solutions, has raised $1 million from the agroindustrial group AST. No details of the transaction were disclosed.  The fresh funding will allow Cleverbots to hire new employees, support marketing and scale the business both domestically and abroad. AST’s existing offices in Switzerland and the United Arab Emirates, may be used as launchpads for …

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This edtech startup grows by 500% y-o-y and raises millions from international investors

The Russian-born edtech startup Novakid has just completed a $4.25 million Series A round. The deal was led by Hungary-based PortfoLion and LearnStart, a major edtech-focused US fund, with participation from  TMT Investments and Xploration Capital. A previous $1.5 million funding round took place less than a year ago, involving South Korean VC BonAngels and Russian VC …

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Sber displays its leadership ambition in the Russian e-commerce space

Sber, Russia’s state-controlled financial and tech giant (previously known as Sberbank), is displaying its ambitions in the field of e-commerce, in spite of several previous unsuccessful attempts. Last week, Sber announced the creation of a dedicated division to run its existing assets in this field. Among these are Sberlogistika and Sbermarket, two services which where …

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Victor Orlovski of Fort Ross Ventures: “The pandemic has brought a lot of opportunities for disruptive startups”

Launched seven years ago in Silicon Valley with support from Sberbank, Fort Ross has made its Russian roots an advantage in the eyes of US startups seeking global development opportunities. The venture firm now aims to enlarge its coverage to Europe, with two new funds announced in the past months. Its General Partner Victor Orlovski …

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Sber invests in AI-powered brand reputation management

Sber, the state-controlled financial and tech giant (previously known as Sberbank) has acquired a 8% stake in Watchout!AI  in exchange for a acquired 8%. The startup was valued at 125 million rubles, or $1.6 million at the current exchange rate. Founded in 2019, Watchout!AI uses computer vision and machine learning algorithms to “easily detect and prevent brand …

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Media reports: Online video service ivi.ru starts NASDAQ registration procedure

Just days after the triumphant NASDAQ IPO of Ozon, a leading Russian e-commerce company, another Russian digital major, ivi.ru, has started the registration procedure for a US IPO. No IPO-related documents related to Cyprus-registered company ‘ivi.ru Media Ltd’ are available yet on the SEC’s website, but two unnamed sources “close to the company” confirmed, in an …

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Sweeping reform to liquidate Bortnik Fund, Rusnano, RVC and Skolkovo as autonomous organizations

According to media reports and official communications, the Russian government adopted a reform of the country’s sprawling network of 40 development institutions, including key players of the innovation ecosystem.  This long-awaited reform aims to eliminate inefficiencies by consolidating like organisations and ensuring that each institution works specifically towards achieving Russia’s national development goals. The reform includes three components: …

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Leading Russian edtech startup Skyeng backed by two major investment firms

Skyeng, one of the most successful Russian startups, has received funding from two major investment firms, Winter Capital and Baring Vostok. The deal, which took place in October, was revealed only this past Friday by the Russian edition of Forbes magazine, based on exchanges with representatives of the parties involved.   Neither the amount invested …

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