News

Russian oligarch Mikhail Fridman lost $27 million in Uber investment

November 12, 2020

LetterOne (L1), an international investment group controlled by Russian oligarch Mikhail Fridman, sold its stake in Uber for $173 million in February last year. The transaction was made public in the group’s 2019 financial report, as reported by RBC. LetteOne had purchased this stake for $200 million in 2016, presenting the deal as “strategic investment.” Fridman …

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Backed by top European investors, Russian agritech startup aims to conquer US and EU markets

June 8, 2020

Elevator Ventures, Raiffeisen Bank International’s corporate fund, and Speedinvest, a major Berlin-based VC fund, are backing Russian agritech startup Agro.Club in a $1.5 million seed funding round. Founded in 2018, Agro.Club defines itself as “a mobile platform connecting growers, their suppliers and crop purchasers into a single network.” It says it is building “an efficient …

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RVC head under house arrest: Russian investment world rocked by yet another criminal case

June 8, 2020

Late last week the head of Russian Venture Company (RVC), Alexander Povalko, was arrested then placed by a Moscow court under house arrest for 45 days. The FSB (Federal Security Service) and police officers ransacked his home.  It is the latest high-profile legal case to have rocked the Russian investment world — and market players have been …

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Reuters: Sberbank prepares to buy large stake in Ozon

June 6, 2020

Sberbank, the state-controlled financial and digital giant, is in talks to buy a large stake in e-commerce major Ozon, Reuters reported yesterday, citing “four sources close to the matter.” A banker told the news agency that “an agreement was nearly ready.” The bank would acquire around 30% of the company after the issuance of additional shares. …

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YouTube deletes homophobic campaign video created by media organization linked to ‘Russian troll factory’

June 6, 2020

YouTube moderators have deleted a Russian campaign video that used homophobic humor to urge participation in an upcoming plebiscite on constitutional amendments. In the video, two gay men adopt a young boy, to the horror of orphanage employees. The campaign ad depicts a hypothetical Russia where voters have rejected new constitutional amendments, including a proposed change …

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Russia’s cryptocurrency laws remain in the gray zone

June 4, 2020

In late May Russia’s State Duma released a draft of proposed litigation toward cryptocurrencies and companies that deal with the technology. The draft called “On Digital Financial Assets,” is an updated version on how lawmakers might regulate the crypto industry in the near future. The documents do not delve much into personal holdings, trading, and cross-border remittances, …

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Deepfake video of Elon Musk singing Soviet space song appears after successful ‘SpaceX’ launch

June 5, 2020

With the successful launch of the Crew Dragon capsule, Elon Musk’s space travel company SpaceX sent its first astronauts to the International Space Station on May 30. To celebrate the occasion, Russian Internet users released a clever deepfake video of Musk singing “Grass at Home,” a famous song by the Soviet rock band “Zemlyane” (“Earthlings”). Russia’s state space corporation, Roscosmos, …

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Russian online video platform ivi.ru secures giant venture loan from Alfa Bank

June 3, 2020

Russian online video major ivi.ru has attracted debt financing for the first time. As reported by business daily Vedomosti,  the company received a six-year venture loan from Alfa Bank, amounting to 3.7 billion rubles (some $54 million at the current exchange rate, a considerable sum by local standards).  In addition to the share collateral, the bank has been granted an …

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Sberbank invests in e-signature service Legium.io

June 3, 2020

Sberbank, the state-controlled finance and technology giant, has invested 10 million rubles (around $150,000) in e-signature service Legium.io. As reported last week by Kommersant, Sberbank has received a 8.06% stake in the startup.  Legium.io was one of the startups which went through a joint acceleration program by Sberbank and 500 Startups last year. 

Siberian smart t-shirt helps athletes and patients monitor health markers

June 1, 2020

Already moving into the commercial sector with a considerable growth potential, plastic-based electronics are already used in several ways. For example, they allow to create flexible solar displays that can be used as wallpaper as well as in sensors on smart clothing, aiming to monitor health markers. A Siberian company called PlusMinus Electronics Lab has …

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Facebook suspends Russian colorist for “dangerous” WW2 images

June 4, 2020

Russian photo colorist Olga Shirnina has stunning new work ready to post for her more than 45,000 followers on social media but is unwilling to share three new images on Facebook and Instagram because, as she told RFE/RL, “I would be [suspended] again for sure.” Shirnina (above), who works under the name Klimbim, is a professional German-Russian …

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Russian video publishing startup acquires UK company to get stronger and go global

May 29, 2020

Russian video platform Viqeo has announced the acquisition of Suggestv, a UK adtech company, as reported by RB.ru. The terms of the deal were not disclosed.  Founded in 2015, Suggestv uses machine learning to increase video views for publishers. These may “automate the embedding of video content in-article to build a predictable pre-roll revenue model and unlock new …

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