St. Petersburg pre-seed investment Fund to finance two more projects

St. Petersburg pre-seed investment Fund to finance two more projectsThe Investment Committee of the St. Petersburg pre-seed investment Fund approved two projects of the Ingria Business Incubator for financing that is 10 M RUR. I Want It and E Reception projects will receive the funding.

The Fund of pre-seed investment began its work in 2011, Ingria Business Incubator is the infrastructural partner of the Fund. Last year the Fund invested in three companies. With new projects, Fund’s portfolio has reached 25 M RUR.

Both projects are promising, - the director of the Ingria Business Incubator Dmitry Stepkin said. – I Want It project offers a new business model for the Russian market that is successfully demanded, for example, in the U.S. market - a system of hotels booking for the tourist with individual proposals. The E Reception project, after the Electronic Russia federal program ending, is now focused on small and medium businesses in the service sector, which includes more than 100 K companies.

The Fund does not confine itself to projects financing, it continues to cooperate with the projects, for example, to find co-investors – Michael Rayak, the executive director of the pre-seed investment Fund says. - Availability of public investment favors it. For example, we are negotiating to attract a strategic investor in one of the funded projects.

Total assets of the St. Petersburg pre-seed investment Fund is 131 M RUR and it is formed by the federal and the city budgets. Total investment of the Fund in the project is from 850 K to 5 M RUR, while the share in funded company’s fixed capital must not exceed 25%.

The next Investment Committee of the Fund to be held in the framework of the St. Petersburg XVI International Economic Forum.

Additional information

E Reception platform is a web service that combines a single electronic filing window and all requests processing. Subscribers register their own page on the site, called E-Reception (and Name of Subscriber), which is a web application of Universal Service Desk class; organize receiving of electronic orders from their clients placed in the electronic processing. Depending on the subscriber rate, he can control one or several electronic queues.

I Want It is a management system for small hotels, which consists of several modules. The platform is pooled with the website, which allows you to interact with hotels and tourists online.