During the first five months of 2014, the volume of services provided by entrepreneurs and organizations in the information and telecommunications sectors in Ukraine were valued at 28.8 billion hryvnias (approximately $2.42 billion), reports the State Statistics Service of Ukraine.
More specifically, telecom companies accounted for services valued at 19.78 billion hryvnias (approximately $1.66 billion), while “computer programming and other information services” accounted for 5.12 billion hryvnias (approximately $430.7 million).
Gill Business Systems (Gillbus), a company that develops inventory distribution systems (IDS) for the bus-transportation industry, has secured $3 million from a consortium of three venture funds – Intel Capital, InVenture Partners and FinSight – at an undisclosed valuation.
Launched in Ukraine in 2010, Gillbus aims to make distribution of tickets for buses “as smooth as tickets for airlines.” The company claims that the demand for its services and the volume of the transactions on its platform have increased ten-fold over the past two years.
As Russia and Ukraine were escalating to a new level of mutual threats and recriminations earlier this week, venture funds offered a welcome illustration that nationalism has not completely spoiled relations between the two countries.
A leading Kiev-based fund, AVentures Capital, has teamed up with two Russian funds, Almaz Capital and ABRT, to inject $3.25 million into StarWind Software, a major US-based provider of software-defined storage for Microsoft Hyper-V environments, in a Series B round.
Last week Palo Alto, California-based startup Jelastic, which offers a cloud-based hosting platform for Java application developers, announced that it has secured an investment from Maxfield Capital, a $100 million Russian venture fund that focuses on the IT and Internet segments.
The startup, which has Ukrainian and Russian roots, also announced the appointment of Silicon Valley veteran John E. Derrick as the company’s new CEO.