The leading Russian search engine company Yandex, which completed $1.4 billion IPO on NASDAQ in May 2011, has invested in personal finance startup Zenmoney.ru. The investment was made as part of Yandex.Factory (Яндекс.Фабрика) initiative, according to Yandex start-up blog. Zenmoney will have to use Yandex.API for future service development.
Founded in early 2010, Zenmoney.ru (Дзенмани.ру) offers online accounting and planning service for personal finances. Based in St. Petersburg, Zenmoney is headed by CEO Anton Fedosin.
Zenmoney appeared on Yandex radar by taking part in Yandex.Start (Яндекс.Старт) start-up meeting on March 15, 2011. Yandex.Factory makes investments in seed and early-stage internet and mobile start-ups in the range several hundred thousand dollars.
Yandex recently acquired two Russian start-ups such as web login service Loginza and website analytics service WebVizor. Each deal was in the range of few hundred thousand dollars.
In 2010, Yandex invested $3 million in facial recognition company Face.com from Israel.