Venture / Private equity

iTech Capital injects $10 million into financial SMS service provider MFM Solutions

May 5, 2014

Last week the business daily Vedomosti reported a $10 million investment from Russian PE & VC fund iTech Capital in Mobile Finance Management Solutions (MFM Solutions), a Moscow-based provider of SMS services for financial organizations, in exchange for a minority stake in the company. The terms of the deal have not been disclosed. MFM Solutions’ …

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Mobile payment and transaction processing provider Net Element raises $11.2 million

April 30, 2014

Last week Net Element, a NASDAQ-listed provider of mobile payment and value-added transactional service and solutions in Russia and in the United States, announced $11.2 million investment from a new investor, Cayman Invest SA. The $11.2 million raise, in exchange for a 15% stake, is part of a larger financing round totaling $30 million that Net Element plans to complete this …

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French-Russian JV raises $60 million to complete next-gen memory project

April 30, 2014

Crocus Nano Electronics (CNE), a joint venture founded in 2011 by Russia’s state-owned nanotechnology giant Rusnano and France’s Crocus Technology, yesterday announced that it has raised $60 million from its existing investors in additional capital. The new funding will enable CNE to “finalize construction and installation works, complete procurement and installation of all capital equipment to support …

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Ozon receives giant funding from AFK Sistema and MTS

November 29, 2018

Ozon Holdings, one of the most established players on the Russian e-commerce scene, announced today a $150 million funding deal with AFK Sistema, a Russian LSE-listed holding operating in a range of industries, and its subsidiary MTS, a leading mobile operator and retailer. [See Sistema’s investor presentation of the deal.] The transaction marks the most significant investment volume …

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Russian startup raises $300,000 to match artists, music lovers and labels

April 29, 2014

Moscow Seed Fund, the venture arm of the Moscow city authorities, and Altair Capital, the seed-stage fund of serial angel investor Igor Ryabenkiy, have invested $200,000 and $100,000, respectively, in Mix Upload company. This Russian startup is developing a portal to help listeners, musicians and labels find each other and to monetize creative product. The …

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Russia seeks to develop startup industry in Crimea

January 18, 2023

The Internet Initiatives Development Fund (IIDF, or FRII in Russian), a fund launched last year following a government initiative, will open a remote regional accelerator in Sevastopol, Crimea, as soon as this summer. The news was reported last week by Russian business daily Kommersant. The fund is expecting to support five to seven projects, which will …

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Parallels secures more than $5 million from Maxfield Capital and takes a stake in Xform Computing

April 24, 2014

Last week Maxfield Capital, a Moscow-based $100 million venture fund, announced it had acquired a “minority stake” in Parallels in exchange for a capital injection of “more than $5 million.” A global provider of cloud enabling and desktop virtualization solutions founded by a Russian team in 1999, Parallels has “attractive IPO or M&A [perspectives],” the fund …

Parallels secures more than $5 million from Maxfield Capital and takes a stake in Xform Computing Read More

Ratmir Timashev of ABRT on investing in Russian startups: “For Western funds, there are good opportunities in Russia, but it’s far easier to invest in Silicon Valley”

April 23, 2014

Ratmir Tymashev, a partner in venture fund ABRT, has been investing in partnership with Luxembourg-based fund Mangrove Capital Partners since 2007. In this article, published initially by Hopes & Fears, a Russian online publication dedicated to startups and entrepreneurship, he draws on this experience to explain how foreign funds approach the Russian IT sector.

Moscow Seed Fund injects $210,000 into educational game publisher Mersibo

April 23, 2014

Moscow Seed Fund, the venture arm of the Moscow city authorities, has invested 6 million rubles (approximately $210,000) in Mersibo, a developer of online educational games for children. The funds will be used to strengthen staff, develop mobile versions and create new games. The startup is also considering international expansion. It plans to release a …

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Vkontakte founder forced to resign after revealing anti-Maidan pressure from FSB

April 22, 2014

Pavel Durov is now out for good from Vkontakte (VK.com), Russia’s leading social network which he founded in 2007. His resignation was announced yesterday by the company’s press service in a statement published by the Russian news agency Interfax. “Judging by the news, I was fired today as the general director of VKontakte. Interestingly, the …

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E-learning platform Netology raises Series A funding round from InVenture Partners

April 21, 2014

Netology, a major Russian online education platform featuring interactive video courses, announced last week that it had completed a Series A round of financing from InVenture Partners, a $100-million Russian venture fund. The amount of the transaction was not disclosed, but the company stated that the investor had secured a minority stake based on a $5.6 …

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Government IT fund partners with VCs and industry players to increase startup support

April 21, 2014

Rosinfocominvest, a government fund set up to back IT and telecom projects, now has 12 partnerships with major Russian IT players and VC funds under its belt, all set to jointly invest in IT startups. The Russian Ministry of Telecom and Mass Communications, which stands behind the Rosinfocominvest project, emphasized that this represents “a fourfold …

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