A Google Nemesis Seeks Innovation Pipeline
May 7, 2012
Yandex is looking to the future. TNW Europe announces, “Russia’s Yandex Invests in Seedcamp to Gain Closer Ties with European Startups.” Seedcamp funds and mentors early-stage European startups, and Yandex has climbed aboard with, reportedly, the maximum investment the organization will allow. (The precise amount, however, has not been released.) Reporter Robin Wauters writes:
“The company thus gains an indirect stake in all the companies Seedcamp has already backed with the fund (20 existing ones to date) and all the startups it will back in the future, at least out of this fund. . . .
“Now that Yandex has invested in Seedcamp, it will actively participate in the selection and advisement of startups, and help them (as well as Seedcamp proper) better understand the Russian market and identify market opportunities. In addition, Yandex will occasionally make direct follow-up investments in Seedcamp portfolio startups, the company said.”
The top internet company in Russia, Yandex is an outfit to watch; the search giant also started its own seed investment program, Yandex.Factory, last year. It sounds like the Google competitor is laying the groundwork for a long and prosperous future on the global stage.
Europe’s top early seed fund program, Seedcamp provides guidance through its young companies’ first post-funding year. Though it has already attracted funding from prominent business angels and institutional investors, Yandex is the first corporation to directly invest in the program.
Cynthia Murrell, May 7, 2012
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