TMT makes 21st investment

Russian-led investment fund TMT Investments (LON:TMT) has selected Favim Holding as its 21st investment. 

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Russian-led investment fund TMT Investments (LON:TMT) has selected Favim Holding as its 21st investment. 

Russian-led investment fund TMT Investments (LON:TMT) has selected Favim Holding as its 21st investment.

TMT, which is focused on start-up companies, has acquired 20 per cent – or 10,000 shares – of online photo-sharing and collecting service provider Favim for $300,000 (£186,138). 

The agreement between the parties includes pre-emption rights, information rights, veto rights and protections in favour of TMT. In addition, German Kaplun, TMT’s head of strategy, has been elected to the board of Favim. The investment concern has also been given the option to subscribe for additional shares after one year.

The newly acquired technology concern has developed a system that allows users to add their own or indeed third-party images from the web to their personal galleries on favim.com in two steps. It is comparable to the now well-used Pinterest, which is currently in the top five social networking sites with a 1 per cent market share in terms of audience.

Favim is the brainchild of Artem Bachinsky, a 22-year-old software engineer from Ukraine.

TMT executive director Alexander Selegenev claimed that the latest investment was a natural follow-on from previous investments Wanelo and DepositPhotos, the latter of which provides web-based, royalty-free access to millions of images. He argued that Favim provided both diversification and reinforcement of the current portfolio.

The transaction was officially completed yesterday, despite Favim not having any financial accounts for the year ended December.

Shares in TMT had not moved today and currently trade at $1.60, valuing the company at £25.2 million.

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