ProCEEd #1 (April 20—26, 2015)


Last week we saw quite a few news stories coming from Eastern Europe, and a big part of them were actually from Russia-based venture capital firms and investors. It appears that while some of them supposedly lose money on their investments, others continue to pour millions of dollars into startups, though mostly foreign ones. The attention of investors is particularly attracted by Israeli projects.

In other news, last week marked the first edition of CEEDS’15 conference held in Sofia, Bulgaria. Founded by Webit, the event was a success, and has all chances to become a cornerstone of CEE tech startup infrastructure. Check out the photos and videos from the conference to get a general impression.

Now, it’s time to get to the news — read below a digest of what happened last week and make sure you haven’t missed anything important. Enjoy!

issue1-operaOpera Software has cut 70 jobs mainly due to poor performance on the Russian market, however the CEO says markets developing positively

issue1-coppertinoCoppertino, Ukrainian startup behind VOX Player for Mac and iOS, has attracted $200,000 from local fund BeValue

Startup news

  • Ukrainian startup Coppertino known by its VOX Player for Mac and iOS has raised about $200,000 from BeValue.
  • Polish mobile shooter game Dekompresja (“Decompression”) has turned to crowdfunding to raise some $13,000 for development.
  • Russian entrepreneur Mike Ushakov, who previously sold his company Metabar to Yandex, his former employer, has launched Timewaste Timer, an anti-distraction tool with a twist.
  • Ukrainian Startup Rating’ has been published to reveal top startups, people and industry figures.
  • Top 10 teams have been announced that will participate in the pitch contest at Latitude59 conference in Estonia.
  • Last-minute booking app HotelTonight is on its way to Russian market.
  • Lithuanian neighborhood livability rating PlaceILive has expanded to New York, London, San Francisco, Chicago, and Berlin.

VC news

  • Russian investor Anvar Mamedov has sold his VC fund Cayman Invest, which owns an 11.7% stake in US payment provider Net Element, losing some $4 million.
  • Russian billionaire Roman Abramovich has invested $15 million in Israeli music startup Music Messenger.
  • Russian Skolkovo Foundation and Chinese investment group Cybernaut have agreed to launch a $200 million joint VC fund.
  • Igor Ryabenkiy’s VC fund AltaIR is about to raise $30 million to invest in Israeli startups.
  • Russian-born fund TMT Investments poured $4.3 million in 15 companies in 2014.
  • Russian government-backed fund RVC and Da Vinci Capital Management have launched a $100 million joint fund to help local tech companies on their road to IPO.
  • Yuri Milner’s DST Global has led a $150 million funding round in UK-based P2P lending service Funding Circle.
  • Russian-born VC firm Life.SREDA has announced a plan to pour $90 million in Asian fintech startups over the next six months.

Bigger companies

  • O2 Czech Republic’s extensive telecoms infrastructure assets that are to be spun off into a separate company contribute about 50 percent of the group’s operating profit.
  • Mail.Ru Group’s vice president and commercial director Alexey Katkov has left the company.
  • Norwegian Opera Software has cut 70 jobs mainly due to poor performance on the Russian market, however the company’s CEO says markets developing positively.
  • Tesla electric cars will be sold in Russia with Internet connection provided by Yota.
  • KupiVIP, a major Russian online fashion group, has announced the acquisition of footwear retailer and its 6-million client base from the Ozon group.
  • Mail.Ru Group has reported 7.3% year-over-year revenue growth in Q1’2015, mostly thanks to
  • Yandex has released Manul, an open-source antivirus tool for websites.


Long reads

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