Venture Fund for auto business makes its first deal in Russia

Venture Fund for auto business makes its first deal in RussiaVenture fund Cloud4Auto Ventures, established in 2012 in Russia, announces its first transaction: bright box project that develops software for automation of business processes and workflow management of enterprises in automobile retailing receives $270K.

The specialization of the Cloud4Auto Ventures Fund is to finance promising IT-companies developing projects in automotive business. The Fund is considering investments of $25K and up to $300K depending on the stage of the project. The Foundation's mission is not only to provide funding for IT-startups, but also to transfer the knowledge and experience in strategic management of business development.

Bright box Company, founded in 2012, specializes in the development and implementation of business solutions based on the best technologies of Microsoft corporation, Apple and Google. The companies where the employees of bright box have implemented projects are global giants and market leaders (AVON, Cardif, Honda, Hyundai Motor, IKEA, KIA Motors, OTIS, Suzuki Motor, SEAT, Subaru, Volvo, Russian Standard Insurance, etc.). Among the developments of the company are the creation of a universal mobile platform DealerMobility, allowing using a smartphone application to establish a reliable connection between the dealers and importers of cars and their customers. Company's offices are located in Moscow, Minsk (Belarus) and Limassol (Cyprus).

The Cloud4Auto Ventures Fund has acquired a controlling stake of bright box, but the founders of the company will continue to have full responsibility for operating activities.

Innokenty Belotskii, the Chairman of the Supervisory Board of Sloud4Auto Ventures, said that the main purpose of the fund is to help the business founders to solve strategic objectives without interfering with the operations: We know the team that works in bright box, and we are sure that it is competent enough to set up a successful business.

For us, the cooperation with the Cloud4Auto Ventures Fund is an opportunity not only to obtain financing, but also to hear the opinion of experienced practitioners on the management of IT business working with the automotive industry - Ivan Mishanin says, the managing director of bright box. - This assistance enables the company to develop faster, avoiding a lot of mistakes.