VTB Partners With Fast Lane Ventures, Targets Russian Internet Market

A JV partnership is brewing between Fast Lane Ventures and VTB Capital to tap the Russian internet market. VTB is doing this with a series C round of funding in Fast Lane valued at around USD 18 mln. Individual investors and business angels, apart from eVenture Capital Partners, are also named as participants in this round of financing. The funding will go towards financing Fast Lane’s current portfolio companies, as well as potential investments in future. VTB has also not ruled out the possibility of directly funding Fast Lane’s portfolio companies eventually. The joint effort will be directed at the B2C market in Russia, to strengthen VTB’s position there by leveraging Fast Lane’s expertise in the Russian internet domain. VTB has identified several gaps in Russia’s internet offerings, which itself holds the pole position among European nations. The company’s objective is to up their market share in Russia by the end of 2012. Spurred by Fast Lane’s expertise and VTB’s financial clout, the joint venture is all set to take Russia’s internet landscape to a new level.