Many tech entrepreneurs from Russia and neighboring countries tend to establish their startup abroad – in the USA, the EU, or Asia – as they reach a certain level of maturity, or even from the very start. The reasons for the startup drain include the limited size of the domestic market, the lack of locally-available …
Startup drain: Russian tech entrepreneurs smash it in Europe Read More
Mail.ru Group and Sberbank have invested in food delivery service Localkitchen.ru (“Kukhnya na rayone”) through their joint venture O2O. Citing Russia’s company register, business Vedomosti reported yesterday that O2O committed a loan of up to 290 million rubles (nearly $3.9 million at the current exchange rate) convertible into a 30% share. The news came just …
Mail.ru Group and Sberbank assert themselves on food delivery market Read More
“A US court stopped TON from happening:” with this simple explanation, VK and Telegram founder Pavel Durov announced today he is giving up his widely hyped blockchain and cryptocurrency project. This is the latest, but probably not the last episode of a saga which started in early 2018 with a controversial $1.7 billion ICO. Many unforeseen developments followed, …
Pavel Durov gives up his blockchain project, shifting the blame to US authorities Read More
French Tech, a government-backed initiative aiming to support French startups and tech entrepreneurs across the world, launched its Moscow chapter in 2015. The community now gathers some 200 members, including tech entrepreneurs, representatives of French and Russian tech companies, funds and accelerators, as well as key institutions. French Tech Moscow has published on Medium a …
Earlier this month, a new legislation on online pharmacy activity came into force, following several years of discussions. The Covid-19 pandemic, which is severely hitting Russia, accelerated the adoption of the law, which allows to sell online non-prescription medication – as well as prescription drugs in times of epidemic or in a state of emergency. Online selling of drugs, …
Amid the epidemic, new legislation opens way for online pharmacy activity Read More
Russian petrochemicals leader Sibur has teamed up with Brochesia, an Italian provider of software solutions for wearable devices, to support its network digitalization effort. Brochesia’s smart glasses and augmented reality solutions will help the Russian group enhance several production processes, including maintenance and support services, using AR and developing remote assistance procedures. The adoption of these solutions …
DSight, a business intelligence agency focusing on the Russian venture market, has just released the English version of its latest yearly report. Russian venture investments amounted to at least $868 million in 2019 (excluding exits), up 13% year-on-year, says the report. Although this performance remains very modest by international comparison (USA: $136 billion, UK: $14.3 billion, Germany: $6.6 billion), it …
Russian venture market reached record $868 million in 2019 Read More
The European Bank of Reconstruction and Development (EBRD) has provided finances to a Russian company for the first time in more than five years under its emergency coronavirus support fund. The EBRD stopped making active investments in the country in 2014, following Western sanctions stemming from the events in Ukraine and Crimea. The group has also wound …
EBRD provides rescue financing to Travelata and other Russian portfolio companies Read More
Russian retailers have been rocked for the past six weeks as epidemic fears were mounting among the population. Even before the shutdown of many offline outlets – which was ordered in Moscow city on March 31 – online demand surged across a host of products. Conservation-type food products became in strong demand in late February, with market leader Utkonos reporting a 60% sales spike in comparison with the same …
How COVID-19 is shaking Russia’s online and offline retail Read More
Last week, just days after Elementaree.ru secured a $5 million round of funding, Mail.ru Group and Sberbank announced plans to acquire another Russian food delivery startup called Samokat. The tech group and the financial giant – which are both listed on Western exchanges – are committed to acquire 75.6% of the service, according to corporate statements cited …
Mail.Ru and Sberbank to acquire food delivery service Samokat Read More
As three billion people are locked down across the world, an international hackathon is calling innovators to “hack the future so we never go through this again.” Designed as an emergency response to the COVID-19 pandemic, Global Hack also aims to “build resilience post-pandemic.” The tracks are inspired by the UN sustainability goals that cover …
[Updated March 25] On Monday, March 23, Russia’s Prime Minister Mikhail Mishustin instructed the communications ministry to “organize the creation of a system that can track people who have come into contact with patients infected by the new coronavirus.” Based on individual geolocation data from telecom operators, the system should also notify users about their …
