Finance

Russian agroindustrial group launches international foodtech fund

October 14, 2019 November 12, 2020

Last month Efko, an agroindustrial group founded in 1994 in the Belgorod region, launched a $50 million corporate venture fund, Firrma.ru reported. Dubbed ‘Fuel for Growth,’ the new fund will target early-stage foodtech startups — those that can potentially disrupt the food industry, promote a healthy lifestyle, support the ecology or food security. According to Efko …

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US stock market authority halts TON launch over $1.7 billion ICO

October 14, 2019 October 14, 2019

Late Friday, the United States Securities and Exchange Commission (SEC) announced that it is suing two offshore entities, Telegram and its wholly owned subsidiary, TON Issuer, for holding an unregistered token sale. According to the complaint filed in the federal district court in Manhattan on the same day, Telegram sold approximately 2.9 billion crypto tokens, called Grams (GRM) to 171 buyers for a …

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Yandex shares plummet as Russia considers limits on foreign ownership

October 11, 2019 October 11, 2019

Shares in Russian tech giant Yandex have plummeted after reports the Kremlin is backing plans to limit the stakes of foreign owners in Russian “online information resources.” Yandex shares fell by 17% in the first minutes of trading on the Nasdaq exchange in New York on Friday, wiping more than $1 billion from the company’s …

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Russia regulates digital rights, advances other crypto-related bills

October 10, 2019 October 10, 2019

On Oct. 1, the law “On Digital Rights” entered into force. It establishes the basic legal definition of rights in the digital realm and determines their status under the country’s civil rights law. “Digital right” in this context is a new legal term, the scope of which can be interpreted to include tokens such as …

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Sept. 2019 in Eastern Europe: BlaBlaCar acquisition; State support and venture repellent from Russia

October 9, 2019 October 17, 2019

Crunchbase and East-West Digital News are teaming up to cover key tech and venture trends from Russia and neighboring countries in Eastern Europe and Central Asia. Since January 2019, EWDN chief editor Adrien Henni has offered a monthly column to highlight the most notable industry facts and trends as well as promising tech innovations from these countries. The September review highlights the …

Sept. 2019 in Eastern Europe: BlaBlaCar acquisition; State support and venture repellent from Russia Read More

Baring Vostok executives will be kept under house arrest until January in spite of weakened charges

October 9, 2019 October 9, 2019

A Moscow court ruled yesterday that Michael Calvey, the prominent US investor arrested in February, and his French colleague Philippe Delpal, should remain under house arrest until January 13. According to the Investigative Committee, which requested such measure, three more months are required to complete the investigation, as reported by the TASS news agency. Initially …

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Alibaba and Mail.Ru complete JV deal to dominate Russian e-commerce

October 9, 2019 October 9, 2019

As Russian e-commerce is entering a new growth and concentration cycle, Alibaba, Mail.Ru Group, Russian telco MegaFon and sovereign fund Russian Direct Investment Fund (RDIF) today announced the completion of their e-commerce joint venture deal. The JV will leverage on the existing businesses of AliExpress Russia, the B2C marketplace owned by Alibaba which controls the bulk of e-commerce …

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Russia’s Sistema_VC invests in UK startup SenSat

October 7, 2019 October 7, 2019

Sistema_VC, the venture capital arm of Russian multi-industry investment conglomerate AFK Sistema, will invest $10 million in UK startup SenSat, Vedomosti daily reported last week. Founded in 2015, this geospatial technology startup “turns complex visual and spatial data into a real-time simulated reality that helps computers solve real world problems.” This AI-powered technology “allows companies operating in …

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Russian oilfield tech startup secures $5 million from domestic investors

October 2, 2019 October 2, 2019

Geosplit, a Russian oilfield solution and service provider, has secured $5 million from domestic investors Rusnano Sistema SICAR and UCP. This Series B round will allow the company to expand to no less than 20 foreign markets. Just a month ago Geosplit announced it established a research laboratory in China, “gaining access to all the …

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How Russia’s social media VK and OK grew and made Yuri Milner even richer

October 1, 2019 October 1, 2019

Russia has two homegrown social networks, VKontakte (VK) and Odnoklassniki (OK), which both grew with financial support of Israeli-Russian billionaire Yuri Milner. Now properties of LSE-listed Mail.ru Group, these sites have shaped Russia’s social media landscape and still dominate the market far ahead of Facebook. This video is part of “Holy War,” a seven-episode series …

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Russia’s oil and gas majors generate 50 times as much in revenue as top tech companies

September 30, 2019 October 6, 2019

Last week RBC, a major business publication, released its ranking of Russian companies by revenue and profit with 34 economic sectors covered. Unsurprisingly the three top companies in this ranking – Gazprom, Lukoil and Rosneft – are from the oil and gas industry. They are followed by Sberbank, the state-controlled financial giant, and Russian Railways. …

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French carpooling giant BlaBlaCar to acquire bus ticketing platform Busfor

September 25, 2019 November 12, 2020

BlaBlaCar, the carpooling giant born in France, aims to expand on a new market segment with the acquisition of international bus ticketing platform Busfor. The news was reported today by business daily Kommersant, which cites exchanges with BlaBlaCar’s CEO Nicolas Bruisson and Busfor co-founder Ilya Yekushevsky. The deal, which is still subject to regulatory approval, …

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