Russia: New medtech cluster, Addventures leads $3m Series A in MoveSouq, Sistema invests in Luden

Skyline of Moscow

Moscow plans to build a medtech cluster in the Caucasus, Adventure invests in Dubai-based MoveSouq and Sistema has led an investment in VR game developer Luden.

Moscow to build medtech cluster

Moscow has plans to develop a medical technology (medtech) cluster in Mineralnye Vody, a city in Southern Russia, with participation from Russian and foreign private investors.

Requiring an investment forecast to reach 162 billion rubles (), Moscow is expected to contribute about a quarter of the sum, amounting to an investment of 40 billion rubles ($637 million).

According to a report from EWDN, the medtech cluster will occupy a territory of 249 hectares, with its first stage seeing a medical university, research centre, three medical clinics and a university clinic, as well as a tech park with the corresponding infrastructure being built. The second stage will involve the development of rehabilitation facilities.

Addventure invests $3m in MoveSouq

Russian venture capital firm AddVenture has led a $3 million Series A investment in Dubai-based online home services marketplace

This is MoveSouq’s third round following seed and angel rounds in 2013 and 2015. Founded by former consultants Bana Shomali and Wim Torfs in 2013, MoveSouq provides quotes and connects users to service providers for a host of home services.

The services it lists on its platform includes moving, cleaning, handyman and insurance services across four Middle Eastern cities, with the company claiming to have a network of more than 300 service partners and a customer base that has grown to over 50,000 households in Dubai and Abu Dhabi in the last year.

Sistema VC leads investment into VR game developer Luden

Sistema VC has just injected 65 million rubles (~$1 million) Moscow-based, a Moscow-based developer of virtual reality (VR) and augmented reality (AR) games for a 25 per cent interest in the firm.

According to details in a report carried by EWDN, the corporate venture fund affiliated to LSE-listed AFK Sistema has received a 25 per cent stake in Luden.  The firm targets internationally-oriented early-stage startups from Russia and neighboring countries and has raised approximately 10 billion rubles (~$160 million).

Luden originated as the VR R&D department of Nival, a leading Russian game developer that was spun off and current operates independently. Currently, it reports that it is developing methods to hybridise science and gaming, as well as experimenting with VR and AR devices. The investment will fund investment of new games for Google Daydream as well as other VR platforms.

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