The leading Russian search engine company Yandex is rolling out its start-up investment activities. Having recently agreed to invest in start-ups from InCube Accelerator, Yandex will invest in Startup Labs‘ investee companies that will come out of Startup Weekends from all over the world.
Yandex will offer up to $30,000 to Startup Labs‘ companies to complete product development, according to newspaper Vedomosti.
Startup Labs was founded by Arkady Moreynis, Clint Nielsen and Tugce Ergul. Russian Arkady Moreynis founded price comparison engine Price.ru and sold it to Rambler. In 2010, Arkady Moreynis launched Glavstart to hold Startup Weekend events in major Russian cities.
Startup Labs offers $16,000 for 8% to early-stage startups from Startup Weekends. The next Startup Weekend events will be held in six countries on September 9. Startup Weekends will be located in Mountain View, CA, USA; Delaware, DE, USA; London, England; Lagos, Nigeria; Phnom Pehn, Cambodia; Shanghai, China and Moscow, Russia.