VTB Capital Venture Business, a subsidiary of Russia-based bank VTB, has invested in Fast Lane Ventures, a local internet incubator and accelerator backed by a host of corporations.
VTB has reportedly led an $18m series C round for Fast Lane Ventures, which has incubated online dating site Teamo.ru, Pinternet clone Pinme.ru and location-based shopping service Locata.
Fast Lane Ventures has invested $60m in 18 portfolio companies over the past two years after backing from Direct Group, eVenture Capital Partners, Kinnevik, Russia Partners, Intel Capital and UMJ (Russia).
Fast Lane Ventures has two companies: TV and online teleshopping company Shopping Live and Direct Trade to Germany’s Home Shopping Europe for an undisclosed amount, and sold portfolio company Sapato.ru to internet retail firm Ozon for a reported $40m.
Shopping Live had also been backed by Oskar Hartmann, founder and chief executive of Russia’s online shopping club KupiVIP.