Business news from Ukraine

STARTUP FROM UKRAINE RAISES $90 MLN OF INVESTMENT

IT company with Ukrainian roots Grammarly has raised a $90 million investment led by General Catalyst, which also led its investment round in 2017 with $110 million, with participation from other existing investors including IVP, and new investors, the company has said in a press release.
Since the first round of investments in May 2017, Grammarly has more than tripled the number of users and has added a number of updates to its product, which, according to a press release, “helps more than 20 million people every day.”
The company also opened its fourth office in Vancouver, British Columbia (Canada) and doubled the number of team members in offices of Kyiv, New York and San Francisco. It plans in the near future to expand the current office space in Kyiv by additional 1,300 square meters where 130 people can work.
According to the report, the funds raised by Grammarly will be aimed at further expanding the company’s product coverage in order to make it available wherever written communication in English can be used. The company will also continue working on more complex aspects of language and communication, in particular on the development of the recently launched tone detector, to provide users with practical advice on how to adapt it.
Grammarly was founded by Kyiv residents in 2009: Max Lytvyn, Alex Shevchenko and Dmytro Lider. The offices of the company are located in Kyiv, San Francisco, New York and Vancouver.

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UKRAINIAN START-UP PATENTBOT ATTRACTS ANGEL INVESTMENTS

A Ukrainian startup that has launched PatentBot, a chat bot to register patents and trademarks, has raised a new round of angel investment, CEO & Founder в PatentBot Natalia Vladymyrova said on Facebook.
“PatentBot was assessed at a million dollars! You can easily joke about a million dollar baby,” she wrote.
According to Vladymyrova, the startup continues to look for investors for the seed round.
PatentBot is a chat bot to register a trademark, copyright and patent for invention in the United States, Europe and Ukraine, which helps to go through the process of finding a TM to paying state duty within 5-7 minutes. In the Ukrainian market, the project was launched in July 2017, then scaled to the United States, the European Union and China. In 2018, PatentBot entered the acceleration program of the Hong Kong Betatron startup accelerator and was valued at $750,000.

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PERION NETWORK FROM ISRAEL ACQUIRES STARTUP SEPTA (CAPTAIN GROWTH) FROM UKRAINE

Israel’s Perion Network has acquired Ukrainian startup Septa Communications (Captain Growth) for $3.75 million. According to a press release of Perion Network, Total consideration is up to $3.75 million, partially paid in cash at closing while the remaining consideration is subject to the achievement of certain milestones and retention over the next two years.
“With Captain Growth’s proprietary ‘Value Unlock’ technology, our synchronization will now give brands the critical ability to benefit from putting the best-performing units in front of the right users at the right time – for unprecedented cross-channel engagement,” CEO of Perion Doron Gerstel said.
The acquisition is not expected to have a significant impact on Perion’s financial results.
Perion is a global technology company that delivers advertising solutions to brands and publishers. Founded in 1999 as IncrediMail, in 2011 it was renamed and activities from developing a postal agent to advertising activities.
Septa Communications is an IT development company founded by businessmen Dmytro Bilash and Dmytro Pleshakov in 2017. Captain Growth is a proprietary AI platform to better connect and deliver relevant campaign messages through the entire ad journey.

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