Yandex, the leading Russian search engine, through its Yandex.Factory program, has opted to invest in Zenmoney.ru, an online personal accounting site. Yandex has begun investing seed money into Internet and Mobile start-ups beginning in 2011.
Investments range around a hundred to several hundred thousand per company. Zenmoney will be required to use Yandex.API for further development. Zenmoney applied for the Yandex Start program in April, 2011. Yandex will hold another Start Program conference in the end of June 2011 for a new round of funding.
Zenmoney.ru was founded in the beginning of 2010 and has become very popular. The site averages almost 5800 page views per day and has nearly 2400 original viewers per day. The company provides an online accounting service for personal finances and financial planning. Nearly 95% of all the users of Zenmoney are based in Russia; the additional 5% are located in the Ukraine. Zenmoney is based in St. Petersburg, and the CEO is Anton Fedosin.