My device

'My device'is a service that specializes in renting devices using a subscription system.

Performance indicators

2023

According to the Kontur. Focus service, the net loss of My Scooter LLC (My Device brand) in 2023 amounted to 76.2 million rubles against 42.6 million rubles in losses a year earlier. The company's revenue during this time rose from 213.6 million to 285.6 million rubles.

It is also reported that by the end of 2023, the accounts payable of My Scooter LLC amounted to 26.5 million rubles, which is less than a year ago at 130.8 million rubles. Long-term borrowed funds decreased from 24.2 million to 4.4 million rubles.

History

2024: VIM Investments Fund increased its stake in My Device to 90.8%

In May 2024, VIM Investments (formerly VTB Capital) increased its share in the Russian device rental service My Device to 90.83%. This is evidenced by data from the Rusprofile website.

The first to draw attention to the change in the share was the Telegram channel "Russian Venture." He clarifies that the deal was carried out by the Pre-IPO fund, which is managed by VIM Investments. By the end of 2022, the share of VIM Investments in My Device was 63.51%.

source = My device

In addition to VIM Investments, the owners of My Device include Alexei Mironov, who owns a 9.2% stake (by the end of May 2024). Previously, Alexei Mironov owned 32.96%. Artem Serbovka owned 2.16% of the company, Ksenia Proka - 1.38%.

Initially, My Device developed as a subscription e-scooter rental service. Later, the company began to provide game consoles, bicycles and home simulators. Now the main direction of the service is rental by subscription of e-bicycles and bicycles for couriers (under the brand "Cool Wheels"). The company's customers are delivery aggregators and restaurant chains. The service leases equipment for a period of one month and reduces business costs for the purchase and maintenance of vehicles for couriers^[1]

2022: VTB structure bought 63.51% of My Device for 250 million rubles

VIM Investments (formerly VTB Capital Asset Management) bought the My Device subscription rental service for electric scooters, bicycles and equipment. This became known on December 16, 2022.

As the founders of the startup told Forbes, spouses Ksenia Proka and Alexei Mironov, the closed unit investment pre-IPO fund under the management of VIM Investments became the owner of 63.51% of My Device. About 33% of Mironov's business remained, 2.16% - from the co-founder of "My Device" Artem Serbovka, 1.38% - from Proka. The founders of My Device said that the share of VIM Investments will be increased, but did not disclose the amount of the transaction and the startup's valuation, only noting that it is below the level of the end of 2021.

The VTB structure bought the My Device subscription rental service for electric scooters, bicycles and equipment. It could be estimated at 250 rubles

Its founders did not disclose the amount of the deal and the startup's valuation. According to the presentation, which is at the disposal of Forbes, at the end of 2021 the company estimated itself at 950 million rubles. The valuation in the deal with VIM Investments was lower. A Forbes source says the deal could have taken place at an estimate of 250 million rubles. The reduced amount is associated with the desire of the founders to "get rid of Russian business as soon as possible."

My Device has lost access to debt financing from Russian banks, since among the owners of My Scooter LLC there is the American company My Device Inc., created in 2021. The founders planned to "operationally divide the companies and make them independent of each other," Ksenia Proka said earlier.

Three quarters of the income to the My Device project is brought by the delivery of electric scooters and e-bikes to couriers. Most of the revenue falls on Moscow. My Device has 6,000 active users per month (by December 2022). Its revenue for 2022 should be about 230 million rubles, Mironov predicts. According to him, the service plans to enter new cities, multiply the fleet of equipment and improve its own IT platform.^[2]

2021

Raising $1.9 million in investments

In mid-December 2021, it became known about investing $1.9 million in My Device. Most of all in this round of financing of the rental service, electroscooters simulators, game consoles and subscription TVs invested (TMT Investments $850 thousand).

The funds received from investors will be used to scale the service in the regions of Russia, finalize models of equipment for delivery and IT systems, as well as implement the project in the United States. The company plans to launch a service in New York - we are talking about renting e-bikes by subscription for couriers.

Russian e-scooter and e-bike rental service My Device attracted $1.9 million in investments

As the co-founder of My Device Ksenia Proka noted, online sales and services are actively developing around the world, so companies are growing the need for couriers and fast transport for them. Electric bicycles are convenient urban transport, and it is more profitable for many to rent it than to buy and incur the costs associated with repairs, she explained. Proka added that in Russia couriers account for 70% of the startup's revenue. Against this background, the company expects high demand for its services in the United States.

According to an extract from the Unified State Register of Legal Entities as of November 15, 2021, 28.69% each in My Samokat LLC belongs to founders Alexei Mironov and Ksenia Proka, a little more than 19% to founder Artem Serbovka, another 8.5% is listed by Yevgeny Galiakhmetov, the remaining 15% - by May Device Inc.

The key direction of the startup by mid-December 2021 is to rent personal mobility funds for couriers by subscription. Including customers are legal entities (for example, delivery aggregators and restaurant chains). The company rents devices for a period of one month and takes care of the maintenance of equipment.

The subscription price depends on the type of equipment. For example, an electric scooter can be taken by subscription for a month for the amount of 2900 rubles, bicycles - from 2400 rubles, Xbox One S - for 2900 rubles.

$400,000 investment from Angelsdeck

On October 19, 2021, Angelsdeck announced that it had invested in My Device, a subscription device rental service. The volume of investments amounted to 400 thousand dollars. The money will go to scale the project both in the regions of Russia and abroad. The subscription rental market is actively developing. According to a study by Zuora, over the past nine years it has grown by 435%, while 78% of respondents from different countries note that they used subscription services. Another 75% believe that in the near future they will choose this particular model instead of actually owning the thing.

The "My Device" service implements this trend in Russia. The company was created in the spring of 2020 and in a year and a half launched more than four verticals - individual products with the greatest potential for subscription rentals, followed by merging into a single solution with a cross-product loyalty system. Electric scooters, bicycles, game consoles and home simulators are already available. In the near future - connecting the vertical of electronics and furniture.

Another area for the company is the development of the mobility segment in b2b and b2b2c, which is based on the rapid growth of the fast delivery market both in Russia and in other countries.

The vertical development model allows us to understand the needs of the target audience of each product well. As a result, we build effective marketing strategies and achieve excellent indicators for leadership generation and conversion to purchase. In addition, specialization in a small number of products allows us to provide a service at lower prices and actively compete with the concept of purchase, - said Alexey Mironov, co-founder of My Device.

Syndicators from AngelsDeck were Igor Kaloshin, Anton Agranovsky and Evgeny Galiakhmetov.

Sharing economics is a trend of the current century. Why buy when it's easier to rent. The audience is growing, consumption is growing. "My device" has found its place in this blue ocean and shows good growth. If they cope with foreign markets, then with a high degree of probability they will become a unicorn. There is potential, and the team is focused on achieving success, - said Anton Agranovsky, president of the investment company Agranovsky IT Investments & Consulting, member of the AngelsDeck club.

Notes