Luxembourg’s Mangrove Capital and Russia’s ABRT Fund have recently made an investment in Drimmi, a Russian social gaming company. The investment is estimated at several million dollars in exchange for a 20% stake. Drimmi apparently intends to use the new funding for the development and launch of its inaugural products.
Drimmi is a Russian start-up in the social networks and gaming arena, though with limited exposure as it currently operates in stealth mode. The company was founded by former Odnoklassniki.ru chairman Nikita Sherman in 2009. While currently working on several web-based social games, the company is believed to be preparing the launch of its maiden offering in the first quarter of 2010. At least ten other games are allegedly in the works and will be released this year. Drimmi is based in Moscow and employs roughly 20 people.
Mangrove Capital Partners (www.mangrove-vc.com)
Mangrove Capital Partners is a venture capital firm that works int the international market to provide financial backing to internet and software businesses. With the strategy of investing and advising companies in their early and growing stages of 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)
Focusing on early stage development for internet and software companies, ABRT Venture Fund focuses on the Russian and Central and Eastern European markets. Specializes in research and development of product lines for growing companies, ABRT advises the firms in its portfolio on establishing a successful 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.