Russian internet video streaming service Tvigle is looking for a private equity investor to help it capitalise on the country’s crackdown on internet piracy and expand its business.
Tvigle aims to raise $10m and to secure private equity investment next year, said founder CEO Egor Yakovlev, according to Reuters. The company is currently in talks with potential investors including new and existing backers.
The company aims to grow its market share as its competitors that offer illegally downloaded content are affected by Russia’s new anti-piracy legislation. East-West Digital News estimates that video accounts for only two per cent of Russia’s $1.4bn digital content market and its share is set to increase as the new laws are enforced.
Tvigle’s existing investors include Allianz-Rosno Asset Management and PromSvyazCapital, which backed the company in 2007 and 2011 respectively.
Yakovlev currently holds a 25 per cent stake, according to the report.
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