One of significant funding activities across Asia is the inception of a least six corporate venture capital funds in Russia. Meanwhile, Seedstars World, a global startup competition organiser, has picked Vietnamese agriculture technology startup MimosaTEK as the finalist from the country to attend the worldwide competition in Switzerland in 2017.
Corporate venture funds launched in Russia
Six corporate venture funds have been launched or have started operations in Russia since the beginning of this year, according to an East-West Digital News report.
Four of those funds was initiated by Russian, London Stock Exchange-listed investment conglomerate AFK Sistema. The latest one is Sistema Venture Capital, which has raised $154 million and kicked off operation last month to support globally-oriented early-stage startups from Russia and neighboring countries. The vehicle is expected to close soon its first deal with Erfid, a Russian developer of radio-frequency identification software solutions, said the report.
Other ventures funds announced by AFK Sistema include a $50 million Asia fund to support Indian startups, a corporate venture initiative in partnership with Russian nanotech investment firm Rusnano worth at least $80 million in size, and up to $100 million in a fund jointly established with China’s TUS Holdings.
Another initiative comes from Kaspersky Lab, which said to invest between $500,000-$1 million in seed-stage startups globally by the end of the year. Meanwhile, energy giant Gazprom’s diversified media arm Gazprom-Media Holding has also announced the Gazprom Media Ventures, with hope to close its first deals by the end of the year.
Along with corporate venture funds,Russia has seen a lot of acceleration programmes launched, such as Ikea’s accelerator, Accor Hotel’s hackathon and GenerationS, a competition organised by the state-owned fund of funds, RVC, which ended with 35 startups receiving investments from more than 150 of the project’s local and international partners.
MimosaTEK poised to Swiss $1m competition
Vietnamese IoT startup for agriculture, MimosaTEK, won the Vietnamese round of Seedstars World‘s competition and will represent the country at the Seedstars Summit in Switzerland to compete for up to $1 million in equity investment, the Swiss company has announced.
As a part of the prize, MimosaTEK will be participating at Seedstars Summit, taking place in Switzerland in March 2017, a week-long training programme with the opportunity to meet investors and mentors worldwide. Traditionally, the final day of the summit will be dedicated to pitching, with the possibility of winning up to the $1 million equity investment.
MimosaTEK competed with over 70 applicants and seven selected startups to be the local winner. The agri-tech startup, founded in 2014, is known as a graduate of the Founder Institute franchise in Vietnam, and as the winner of the IDG Ventures and Samsung-backed contest called Go Live! Vietnam Venture Cup in Ho Chi Minh City late last year, receiving a grant of $15,000.
“We provide data, advice, and remote control for farm optimisation through sensor network, cloud platform and mobile application,” explains Nam Dang, CEO of MimosaTEK, about his innovative solution for agriculture.
The 2016 contest of Seedstars World kicked off on May 23 in the Philippines awarding P2P marketplace Acudeen Technologies. Its next stop will be Seoul at Startup Alliance.