Venture / Private equity

State fund Veb Ventures to provide $31 million to Russian startups this year

June 24, 2019 June 24, 2019

Veb Ventures (formerly VEB Innovations), a venture fund launched by state development agency VEB.RF (Vnesheconombank) in 2011, is confirming its commitment to support Russia’s tech startups. The fund has pledged to invest 2 billion rubles (more than $31 million at the current exchange rate) in seven companies by the end of 2019. The move follows …

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Almaz Capital and Runa Capital exit from US cloud ERP Acumatica

June 20, 2019 June 20, 2019

Almaz Capital and Runa Capital, two international VCs with roots in Eastern Europe, exited from Acumatica. This US-based provider of cloud-based ERP software systems has been fully acquired by a leading PE firm EQT. The terms of the deal have not been disclosed. Almaz was the first investor in the company as early as 2009; Runa joined …

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Russian money fuels UK sharing economy startups

June 19, 2019 June 20, 2019

While the UK has traditionally been a key destination for Russian tech entrepreneurs and investors, two recent deals involving sharing-economy startups are confirming that even Brexit uncertainties are not stopping the trend. Thus, Impulse VC has just led a $6 million Series A round for London-based GuestReady. This three-year-old service lets shared-economy hosts manage their business …

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E-grocery service Golama to receive $7.7 million from state investor

June 17, 2019 November 12, 2020

Golama, a leading e-grocery delivery service based in Moscow, will receive 500 million rubles (about $7.7 million at the current exchange rate) from a state investor after just one year of operations. The investment will be provided by Veb Ventures (previously known as VEB Innovations), a venture fund launched by Vnesheconombank in 2011 to support innovative …

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Russian state to put more than $100 million in edtech fund

June 13, 2019 June 14, 2019

The Russian Ministry of Economic Development and RVC, the Russian state fund-of-funds dedicated to innovation, have inked an agreement to create a new venture fund dedicated to IT innovation in the field of education. The fund will target projects using the latest word of IT technologies on the global market. The parties are committed to provide …

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Russian startup Botkin.AI attracts $1.5 million to better diagnose cancer at early stages

June 13, 2019 December 25, 2020

Skolkovo resident Intellogic has attracted 100 million rubles (more than $1.5 million at the current exchange rate) in a Series A round for its Botkin.AI startup that diagnoses cancer. At present, this technology can diagnose lung cancer at early stages with an accuracy of 95%, Forbes reported. Part of the funding came from two Russian funds: RBC Capital, which …

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Major Russian and international investors to inject $40 million in leading online video platform

June 11, 2019 June 11, 2019

A group of top Russian and foreign investors is committed to inject $40 million in ivi.ru, Russia’s largest online video platform in terms of revenue. The exact terms of the deal, which is set to be closed by late July, have not been disclosed. These investors include Russia’s sovereign fund RDIF, Mubadala Investment Company (UAE), Baring …

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Russian sovereign fund agrees $3 billion high-tech investment partnerships with Middle East, Chinese players

June 11, 2019 June 11, 2019

Last month the Russian Direct Investment Fund (RDIF) received $2 billion from foreign investors to support Russian startups developing AI projects, the business daily Vedomosti reported, citing exchanges with RDIF representatives. The money came from sovereign funds and global corporations in the Middle East and Asia, including the UAE. The RDIF plans to invest variable amounts in …

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RTP Global backs Indian deep learning startup

June 10, 2019 June 10, 2019

RTP Global, an international venture fund with Russian roots (previously known as Ru-Net), is investing once again in India. This time, it has taken part in the pre-Series A round of Agara Labs, a Bengaluru-based startup. This young Indian company uses deep learning in speech and text to automate customer support. It has raised $2.5 …

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Alibaba, Mail.Ru, MegaFon and RDIF commit to invest nearly $400 million in Russian social commerce joint venture

June 6, 2019 July 13, 2019

Yesterday Alibaba, Mail.Ru Group, Russian telco MegaFon and sovereign fund Russian Direct Investment Fund (RDIF) announced they received approval from Russia’s antimonopoly authorities for their “social commerce joint venture.” The JV will leverage on the existing businesses of AliExpress Russia, the B2C marketplace owned by Alibaba which controls a large part of the e-commerce flows between China and Russia. The partners …

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German DEG and Da Vinci Capital invest in DataArt, a global tech consultancy with roots in Eastern Europe

June 5, 2019 June 6, 2019

Last week German development finance institution DEG announced it provided equity funding to DataArt, a leading global developer of complex IT solutions. The amount of the deal was not disclosed. Alongside DEG, this venture round was backed by Da Vinci Capital – a major EBRD-backed and PE firm focusing on Russia and neighboring countries which already provided funding to …

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Russian medical insurance startup attracts $3 million for international expansion

May 31, 2019 May 31, 2019

Earlier this month Moscow-based startup BestDoctor, which offers high-tech insurance products for individuals and businesses, attracted $3 million in a Series A round of funding. The round was lead by three international venture firms with Russian roots: Target Global, Ascent and AddVenture. (The two latter already invested in BestDoctor in previous rounds.) A group of business angels also participated …

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