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Weekly Lists
May 4, 2018 www.intellinews.com I Page 31
bne:TMT Fort Ross Ventures
launches $200mn fund to help US startups enter Russian market
Moldova’s communications market shrinks in 2017, yet broadband segment thrives
US-based Fort Ross Ventures announced a $200mn fund for US startups interested in the Russian market reports East-West Digital News (EWDN).
Formerly known as Money Time, this venture fund is committed to support the “exponential success” of US tech startups by “leveraging the potential of the enormous Russian marketplace.”
Fort Ross will target projects in the areas of fintech, artificial intelligence, cybersecurity, and ecommerce. Startups will benefit from financial support, as well as “advisory services aimed at helping startups understand the culture, politics, and financial regulations necessary to operate in Russia,” reports VentureBeat.
The value of the electronic communication market in Moldova con- tracted by a nominal 1.6% y/y to MDL6.625bn (€330mn) in 2017, ac- cording to the National Regulatory Agency for Electronic Communi- cations (ANRCETI). In real terms, the market contracted by 5.8%.
Despite the negative overall performance, mainly driven by the fixed telephony segment, some sectors like broadband data are thriving.
The decline was driven by the negative performances in three segments. Thus, the revenues generated by the mobile telephony market decreased by 3% y/y for the second consecutive year and amounted to MDL3.338bn. The fixed telephony market plunged by 20.6% y/y to MDL696mn, and the revenues derived from the broadcasting and retransmission of programmes decreased by 12% y/y to MDL262mn.
Russian internet services major Mail.ru acquired 51% in Bit. Games mobile and online games developer, the company said on April 25.
The amount of the deal was not disclosed. The games developed by Bit.Games such as Domovyata and the Guild of Heroes has gathered over 17mn users over various platforms. The monthly revenues of the Guild of Heroes RPG alone soared 10-fold year-on- year exceeding $1mn, according to the press release.
The acquisition continues Mail.ru investment in the gaming segment. In January the group owned by tycoon Alisher Usmanov acquired 100% of leading online sports store ESforce in an all-cash transaction for $100mn less any outstanding debt.
Russia's Mail.ru acquires Bit.Games developer