VTB Capital has led a $250 million investment round in IVI, a Russian online cinema and streaming service, and is now one of the company’s largest shareholders.

Yuri Soloviev, First Deputy President and Chairman of the VTB Management Board, says: “Our country has the largest Internet user base in Europe, which is why digital transformation and the transition of businesses to being online creates huge opportunities for dynamic companies to be ‘national champions’ in the field of digital services. This transaction is another important step in the development of our open ecosystem, which is formed through the creation of strategic partnerships between VTB Group and other leading companies in their market segments.”

Oleg Tumanov, CEO and Founder of IVI, says: “The media industry is in a phase of radical transformation. IVI continues to strengthen its position as a leader in video streaming and will focus on creating the best offer for the Russian-speaking audience. The funds will be used to expand the content offering, create a broad foundation for the production of our own content, and attract talent. We created the conditions for content producers to implement their best creative ideas with fascinating and relevant stories for our users. We will also continue to focus on developing our service and user experience.”

Read more/Source: Private Equity Wire