The venture capital fund eVenture Capital Partners, which is sponsored by Europe’s largest ecommerce company Otto Group, was set up to make investments into Internet ventures in Ukraine and Russia in late 2008. The fund has just made its first investment into the region.
eVenture Capital invested into Mapia, a Ukrainian online mapping and searching service. Previously, Mapia raised funding from Vivex, a Polish/Ukrainian investment group. The two funds signed a long-term investment cooperation in May 2009. According to TechCrunch, the investment values Mapia at $2.5 million.
The Mapia online mapping service, which can display both contextual and display ads, is a sound alternative to Google Maps and Yandex.Maps, that are presented in Ukraine.
In May 2009, MIH Allegro Group of Mail.ru co-owner Naspers acquired a majority of Ukrainian B2B ecommerce online service UAProm.