Favim

The Favim company registered on the British Virgin Islands in July, 2012 is founded by Artyom Bachinsky – the 22-year-old software engineer who graduated the Khmelnytskyi State University (Ukraine).

TMT purchased in the fall of 2012 of 10,000 again issued shares making 20% of capital stock of Favim upon completion of the transaction. Transaction amount was US$300,000. Agreements between the parties include the rights of first refusal, the information rights, the veto and other protective measures concerning TMT. According to the reached agreements, the director of the strategy of TMT Investments the Capon Herman Vladimirovich takes the place in Board of Directors of Favim on behalf of TMT. Also TMT received the option for acquisition of additional stocks of Favim for the amount from US$100000 to US$200,000. The option becomes effective in a year after the conclusion of this transaction.

Artem Inyutin, the head of investment division of TMT investments, commented: "Favim works in two Internet market segments, very important for us: on social networks and a photo. We see in them the huge potential for growth and are sure that the project will perfectly develop and further, especially we already have an experience enough successful investments into similar projects: Wanelo (a social net for buyers) and Depositphotos (an online image bank)".

See Also

• Image banks