Russian Venture Fund “Life.Sreda” together with partners invested $2M in New-York mobile financial service Moven, offering users to make cost planning. This is the first investment of the Fund in foreign companies.
“Life.Sreda” became one of the largest investors of the latest round, in which co-owners took part (in summer 2012 the Company received $2,4M of seed investments from venture funds Anthemis Group and Raptor Ventures, founder and Chief of “Under Armour” Kevin Plank, and a group of Singapore investors). Herewith the founders keep active interest of Moven.
The concept of the Moven.com service is phrased as “fully mobile bank without credit cards and clients offices”. This service of the mobile banking, in coincidence with personal financing planner, allows tracking of executed transactions, share it on categories, and create profile of purchase behavior of a client with possibility of its further correcting. Particular feature of the project is that it uses social, mobile- and game technologies.
Moven earns on subscription fee, currency exchange, program of loyalty and rewards, and also on percents and shift in rates (for savings and credit products). “Constant feedback and gamification of financial behavior, offered by the service, are now available for traditional bank products, which attracted our attention to this project”, - explains investment reason the Chief of the Fund “Life.Sreda” Vladislav Solodky.
The Venture Fund “Life.Sreda” – is the project of managing company shareholders of financial group “Life”, founded in 2003 on the base of Moscow ProBusinessBank. It was founded in August 2012, and specializes at investments in financial mobile and internet Startups. The initial capital of the Fund is $10M, average investment in one project - $1M. Its portfolio include such projects as tab computer LifePad, payment system LifePay, social network for traders and investors ThinkTwice, mobile bank Instabank, constructor for mobile applications creation MyApps.