Owners
Art Gluck Education is an online subscription school of design and architecture.
History
2023: Investment from IIDF
At the end of October 2023, the Internet Initiatives Development Fund (IIDF) announced an investment of a total of 35 million in seven startups as part of its 19th accelerator set. Among them was the online school of design and architecture Art Gluck Education.
Under the terms of the financial transaction, IIDF received 7% in the project in exchange for investments in the amount of 5 million rubles. Taking into account these figures, it turns out that the startup could be valued at least 71 million rubles. No details of the deal have been revealed by the end of October 2023.
It is only known that in addition to investments, Art Gluck Education will receive a "custom" acceleration program from the IIDF, which will last until the end of 2023 and as a result of which the following rounds of investments may be proposed. In addition, Art Gluck Education will be able to count on expertise on access to international markets, growth-team and unit-economy; access to target decision-makers, as well as prompt access to corporate requests, the fund added.
As noted in the IIDF, when choosing companies for investment, the fund was guided by the following criteria: IT (software, hardware, web, mobile), there is a finished product and there are customers, a proven business model with repeated revenues of 5 million rubles a year, the company is registered in Russia, at least 25% of the business belongs to citizens of the Russian Federation.
Of the 500 applications received, we selected seven for investment. Such a gap is connected, first of all, with the fact that most foundations still, in the conditions of a compressed market and the lack of money on it, try to build venture types of business focused on long-term residence at the expense of the investor. But in the current scenario of the Russian venture market, there are no more multi-round models. The selection was also difficult due to the fact that in search of projects with a dividend approach we came across a layer of entrepreneurs who were not immersed in the topic of the venture capital industry, "said Maxim Steigerwald, IIDF Investment Director. |
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