Bering Technologies Fund (BTF)

Assets

For August, 2011 under control of fund there are about $20 million, Alexey Pelevin says.

History

• The BTF foundation was set up in 2007 by several Russian private investors whom also Alexey Pelevin, the head and the controlling shareholder of Parcsis company is among. At first, according to him, the fund not especially advertized the activity and generally was engaged in the stock trading of the high-tech companies in the stock markets through Bering Capital Partners management company. However from the middle of 2011 of BTF reoriented the interests towards venture investments.

• In August, 2011 it became known that the Bering Technologies Fund (BTF) investment fund in 2011 began to invest in hi-tech startups, work on which is conducted by Parcsis company, Alexey Pelevin, the head and the controlling shareholder of this company told CNews. In exchange for investments the fund will receive 25% a share in startups, and key staff of Parcsis – options which in the amount will make up to 10% of the cost of projects.

According to Pelevin, development of startups is a primary activity of his company. For August, 2011 at Parcsis in work of 25 projects which start is expected in the next half a year, he says. Most of them are connected with SaaS, business applications and social services.

The most known Parcsis project in which BTF already invested is the legal-reference Право.ру system. The fund received a share of 25%, other 75% remained with Parcsis. Service appeared in 2008, and in 2011 came out the status of the beta. Transaction amount of the party is not disclosed.

One more project created in Parcsis in which invests BTF is the online service of armoring and purchase of air tickets of Anywayanyday. Distribution of shares of investors in the project is not sounded as the deal is not closed yet, speak in the company. It is known, however, that in addition to BTF the Tiger Global Management investment fund invested in the project. Earlier it was reported that in 2010 it purchased 40% of the company for $10 million.

The freshest of the started projects of Parcsis – Selloby, mobile service and the website of free declarations for sale, purchase, job search, lease of housing and acquaintances. In it shares of Parcsis and BTF were also distributed in a proportion 75:25. Start of this service took place in the USA recently, and in the next 2-3 weeks it is expected also in Russia, the head of Parcsis says.

In general for the last half a year (August, 2011) BTF invested about $7 million in projects of Parcsis, Alexey Pelevin says. "With development of the Право.ру project the interest of investors in our company considerably increased, and, respectively, the amount of financing for 2011 significantly grew", - he adds.