British TMT Investment bought 20% of Ukrainian Internet service Favim

British TMT Investment bought 20% of Ukrainian Internet service FavimTMT Investments company has invested in Favim Holding Limited, which provides the access to an Internet service Favim.

Favim is an online service for collecting and sharing images that allows users to add any images to the personal online gallery at favim.com. Favim uses an innovative images identification system by color and tags. The most successful service that is similar to favim.com is Pinterest, which, according to www.dreamgrow.com, is on the 5th place among the social networking sites at the moment, while it accounts for about 1% of the Internet audience.

Favim company was registered in the British Virgin Islands in July, 2012. It was established by Artem Bachinsky – a 22-year-old software engineer who graduated from Khmelnitsky State University (Ukraine).

Recall that TMT Investments has Russian connections. The team of RBC's ex-executives started working in TMT Investments PLc company on June 14, 2012. German Kaplun took the post of the Chief Strategy Officer in the company, Alexander Morgulchik became the Director of Business Development, Artem Inyutin - the Director for Investment. TMT Investments Plc is a public company and its shares are traded on the London Stock Exchange in the sector of AIM. TMT invests in various high-growth online projects with the prerequisites for becoming a major international business.

According to TMT, the company acquired 10K newly issued shares representing 20% of Favim's share capital. The deal amounted to $300K. Under the agreements, TMT Investments' director for strategy German Kaplun serves in Favim's board of directors on behalf of TMT, cybersecurity.ru portal says. TMT also received an option to purchase additional Favim's shares at the amount from $100K to $200K. The option will become effective in a year after the conclusion of the deal.

Favim works in two segments of the Internet market that are very important to us: social networking and photos. We see huge potential for their growth and we are confident that the project will develop fast in the future, especially since we have enough experience of successful investments in similar projects: Wanelo (a social network for customers) and Depositphotos (an online photostorage) - Artyom Inyutin says, the head of the investment division of TMT Investments.