Interest in the fast-growing Russian digital content market received further confirmation this past Friday with the announcement of a $6.5m investment by Ulmart, Russia’s number one online retailer, in Dream Industries, a Moscow-based developer of digital content platforms.
The move came just one week after e-commerce pioneer Ozon acquired a stake in Russia’s e-book leader LitRes – which had received a sizeable capital injection a few months before.
Of the $6.5m investment, $3m will fuel the expansion of Dream Industries’ e-book platform Bookmate. The company, which has already launched its service in Turkey, plans to penetrate the Scandinavian and Latin American markets later this year.
“While the e-book market is established in the US and UK, in other markets e-book consumption is just starting to gain traction and Bookmate is positioned to harness this rapid growth,” the company stated.
This article first appeared in East-West Digital News, the international online resource on Russian digital industries.