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$1,5 mln in Russian Mobile Apps Constructor

0 10 December 2012

Russian mobile application constructor My-Apps closed another round of financing and received $1,5M from venture fund Life.SREDA. Reportedly, there were no buy-outs of former investors's shares, all the money raised went to the company.

This is not the first company in the fund's portfolio. In October Life. SREDA invested in Instabank, a mobile service which involves a full range of banking services. The venture fund has received its minority stake, however the amount of the deal and its details are not disclosed. It is known only, that Instabank was estimated at $4M.

Life. SREDA is not interested in Russian copycats of famous global projects, the fund's focus is on launching and developing authentic innovative services. The fund is intended to take a very prosperous niche of mobile and Internet banking on the Russian market.

Tinkoff Credit Systems Bank, founded by famous Russian entrepreneur Oleg Tinkov, seems to be the most successful project in this area so far. By the way, Oleg Tinkov has launched his own venture fund to support Internet, mobile and financial services. So as far as we can see it's only the  beginning.

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