European early stage investor, Mangrove Capital Partners, along with ABRT Venture Fund have announced a USD $1 million investment into Entermedia. The funding is aimed at helping support Entermedia’s expansion into other language markets.
Entermedia (www.entermedia.ru)
Entermedia is a Russian firm that places advertisements in flash-based games. Using the company’s proprietary technology, it has become a successful in-game advertiser in the Russian PC and online gaming market with 35,000 monthly downloads. However, because the Russian market is so small for gamers, further opportunities on the international scene are needed.
Mangrove Capital Partners (www.mangrove-vc.com)
A venture capital firm, Mangrove Capital Partners works in the international market, providing financial backing and advisory capabilities to its portfolio companies. The company’s strategy is to invest in internet and software businesses early in their development.
Mangrove Capital is most known for its initial investment into Skype and was named to Forbes’ Midas list for both 2007 and 2008.
ABRT Venture Fund (www.abrtfund.com)
ABRT Venture Fund focuses on early stage internet and software companies based in Russia and Central and Eastern Europe. The company specializes in advising its investments on research and development of their product line.
The Moscow-based venture capital fund was established by the founders of Aelita Software, sold in 2004 for USD $115 million to a U.S. firm.
May 28, 2008
Central & Eastern Europe, Investment, Private Equity News, Russia