PromSvyazCapital has agreed to invest $6.8 million in exchange for a 27.3% stake in online video portal Tvigle Media, reported newspaper Kommersant. The investment will imply Tvigle value of $25 milllion. The Russian online video advertising market is estimated at $30 million in 2011.
Launched in 2007, Tvigle.ru has 1 million monthly users. Tvigle, which was founded by Egor Yakovlev and Pavel Cherkashin, produces, licenses and distributes short video content via its own online portal, partner web-site network, broadcasting and mobile networks. Tvigle previously raised $8 million from Allianz Rosno.
PromSvyazCapital owns major Russian newspapers such as Argumenty i Fakty (AiF), Trud and Extra M. It also owns a leading Russian IT system integration company TechnoServ.
In December 2010, ProfMedia invested $3.3 million in online video portal ivi.ru (Digital Access).