Participated · Equity · Sep 2020

Texel develops "smart" fitting-room solutions and 3D body-scanning hardware and software. The company built a 3D scanner called Portal MX and a machine-learning algorithm for smartphones; the Portal MX is priced at 1.8 million rubles and is intended for precise measurements in garment manufacturing and entertainment. Texel reports owning intellectual property, passing patent checks in the US and Europe, and completing independent comprehensive checks of its technology, documentation, and finances. The firm says it partnered with a leading scientific laboratory, gathered unique data, and has grown revenue while learning to sell its products. Its mobile application is available in a closed beta on iOS and Android and is provided to clients on request; the company reports pilots with Marks & Spencer that produced good metrics and customers already using the product. The article also includes allegations that investors were misled using a render video and contains the founder's responses and supporting press links. Texel is a Russian startup that develops "умные" (smart) fitting-room solutions for retail. The company announced the launch of its smart fitting rooms in Moscow. The article reports that Texel attracted investment from M&S. No financing amount, instrument, or other financial metrics were disclosed in the article. Public comments in the article raised consumer concerns about handling of personal data and body measurements, as well as questions about possible radiation/exposure from the fitting rooms. Texel plans to deploy its smart fitting-room offering in Moscow retail locations as announced.

Participated · Convertible Note · Mar 2020

Ozon operates an e-commerce marketplace serving customers and thousands of small and medium-sized merchants across Russia. The company reports around 10,000 SMEs with active sales and roughly 20,000 more in onboarding. Ozon says its platform is growing three times faster than the market pace and that packages can reach about 50% of Russians within 48 hours. The business plans to expand its logistics and technology infrastructure to provide consistent service across Russia’s 11 time zones. Part of the expansion includes opening at least five new fulfillment hubs. Recent financing will support those logistics and tech investments. OZON Holdings Limited is a Russia-based e-commerce group led by CEO Maelle Gavet and comprised of OZON.ru, OZON Travel, O-Courier, Sapato.ru and OZON Solutions. The company operates an online marketplace and related services including travel (OTA) and delivery/courier operations. It completed a $150M funding round in which Sistema JSFC and Mobile TeleSystems OJSC each acquired a 10.8% stake for $75M. OZON intends to use the proceeds to expand delivery infrastructure across Russia, broaden product assortments on OZON.ru and Sapato.ru, and continue growing OZON.travel in the OTA space. The raise is expected to add two representatives from Sistema and MTS to OZON’s board of directors. OZON is also backed by investors including Baring Vostock, Index Ventures, ru-Net, Rakuten, Intel Capital, Holzbrink and Cisco. OZON.ru operates as an online retailer in Russia, offering a broad product assortment and running a travel division called OZON.travel. The company plans to use new funding to develop its fulfilment and distribution operations, expand product assortment, and open new delivery networks in cities across Russia. Management also intends to grow brand awareness to acquire new customers and to launch additional projects. OZON.ru is led by president Bernard Lukey and CEO Maelle Gavet. The company reported a turnover of $137M in 2010.