Page 9 - bne_Tech_09_2020

Investment
September 2020 www.intellinews.com I Page 9
KYC start-up Sumsub secures $6mn from Russian investors
Sumsub, an identity verification start-up with Russian roots, announced in the first week of September the completion of a $6mn round of fund- raising, reports East-West Digital News (EWDN).
This Series A was led by MetaQuotes, a Russian- rooted financial trading software company, with participation from Telegram VP Ilia Perekopsky and unnamed existing investors.
Founded in 2015 by Peter, Andrey and Yakov Sever and Vladislav Zholudev, Sumsub is headquartered in London with offices in St. Petersburg, Berlin, Nicosia and Hong Kong.
In 2017 it raised funding from United Capital Partners and Flint Capital. As reported by Rusven,
Roman Abramovich backs game publisher to design “fun, thrilling, and engaging entertainment experiences”
Norma Investment, a venture firm affiliated to Russian billionaire Roman Abramovich, has taken part in a $20mn round of funding for Russian game publisher 110 Industries, reports East-West Digital News (EWDN).
GEM Capital, an investment company founded by a top executive from the Russian oil and gas industry, and Sergey Kornikhin, a film producer,
the latter sold its stake earlier this year to an undisclosed “major IT holding.” Sumsub claims
it serves more than 600 clients – including BlaBlaCar, Gett, Paysend and Uber – with a capacity to verify 6,500 distinct types of documents.
It has designed “76 specific solutions” to meet local regulators’ requirements and cover nearly 200 countries in total. Even documents with local Asian languages – Korean, Japanese, Chinese – are handled, which Sumsub claims to have been the first to do.
The latest funding will allow the company to intensify its product development plans and expand into new markets, aiming to serve 1,000 new SME and enterprise customers by the end of next year.
also contributed to the round in undisclosed proportions. 110 Industries focuses on AAA titles for gaming consoles and cloud gaming services, claiming to “make the most fun, thrilling, and engaging entertainment experiences for our players.” Now headquartered in London, the company was founded back in 2017 by Sergey Kolobyashkin and Anton Poletaev, who put $3mn in their venture.