VTB Capital, the venture investment arm of leading Russian state-controlled financial group VTB Group, has led a $18 million investment round in Fast Lane Ventures, a Western style Internet investment company operating in Russia.
Investors from Fast Lane’s two previous rounds are also participating in the operation. They include eVenture Capital Partners and “some business angels and wealthy individuals,” said the company’s CEO Marina Treshchova in an exchange with East-West Digital News.
But Treshchova declined to name these individuals and provide more details about the rounds.
The funds will be used to develop Fast Lane’s current portfolio of companies, provide financing for some new investments, and to strengthen the management team, Fast Lane announced.
VTB Capital is also considering the possibility of direct investment into Fast Lane Ventures’ portfolio of companies in the future.
“Fast Lane Ventures opens a window of opportunity for us into the world of Internet consumption, where the level of competition is still rather low in many segments,” said Aidar Kaliev, VTB Capital’s Global Head of Venture Business.
VTB Capital’s current portfolio includes several Russian and international IT companies, but only one B2C Internet startup, the travel site Oktogo.ru.
In addition to financial support, the partnership with a leading financial institution provides Fast Lane with “a considerable reputational boost,” the press release reads.
Founded in 2010 by Western entrepreneurs Pascal Clément and Oskar Hartmann, Fast Lane Ventures has already launched as many as 18 new Internet companies, including Sapato.ru, the leading online shoe retailer that was recently acquired by Ozon.ru.
Fast Lane claims its ‘Fast 50’ methodology enables new businesses to be launched in a mere 50 days. The company plans to launch up to 50 projects in the next two or three years.
