Russia’s Sputnik Group and ONEXIM have joined together to provide series A funding to Witology, a technology startup developing new ways of using social networking to solve problems. The two investors will provide USD 5 million which will allow Witology to continue research and development, carry the project through beta testing, and eventually launch their platform. As a result of the deal, Sputnik will control 8.94% while ONEXIM’s share will be 41%. The remaining 50.06% will remain with Witology founders Alexander Oslon and Sergey Karelov.
Witology (www.witology.com)
Witology is a cutting-edge technology company active in social networking and collective intelligence. They are currently working on a platform known as “crowdsourcing”; a means of utilizing all of the people in a given social networking environment to collectively solve difficult problems.
In the two years since the company’s founding they have taken their platform from concept stage to the verge of beta testing.
Witology’s two founders have more than 50 years of combined experience in related fields.
ONEXIM Group (www.onexim.org)
ONEXIM is a Russian investment firm with funds dedicated to the energy, finance, mechanical engineering, mining, real estate, and technology sectors.
Established in 2007, ONEXIM looks for opportunities in venture capital, buy-out, and mezzanine investments. The firm is headquartered in Moscow.
Sputnik Group (www.spkgroup.com)
Sputnik Group is a Moscow-based investment firm providing M&A consulting services and private equity investment in Russia and the CIS region.
The firm prefers to invest in opportunities in which it can have a major impact on the further development of portfolio companies. Investments can range from as little as USD 10 million to well over USD 100 million. Specific sectors of preference are media, natural resources, and new software technologies.
25/02/2011
Central & Eastern Europe, Investment, Private Equity News, Russia