Russia’s largest search engine and contextual advertising company, Yandex, which completed $1.4 billion IPO on NASDAQ in May 2011, has invested in Refine.io. The investment was made as part of Yandex.Factory (Яндекс.Фабрика) initiative, according to Yandex start-up blog. The size of investment is in the range of 50 thousand dollars.
Founded in 2011, Refine.io offers mobile apps prototype creation service. Based California, Refine.io has software development in Ukraine.
Yandex start-up investment program Yandex.Factory makes investments in seed and early-stage internet and mobile start-ups in the range several hundred thousand dollars. Yandex recently invested in personal finance startup Zenmoney.ru. Yandex 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.