VEB Innovations to invest RUB300 million into SmartSeeds electronic agricultural shipment hub
VEB Innovations and SmartSeeds LLC signed the MoU for development of the SmartSeeds project. VEB Innovations is considering investing RUB300 million to finance the project, so SmartSeeds will be able to finalise certain functional modules and launch the product massively into the market.
SmartSeeds is an IT platform automating the agricultural shipments and linking key agricultural customers such as agricultural groups, exporters and processors to Russia’s major pool of proven shippers. With shipments ‘Uberised’, B2B electronic commerce is encouraged driving Russian agricultural product exports and fostering better conditions in the grain shipment market and agricultural market overall.
With the VEB Group financing, SmartSeeds will be able to massively offer its solution in the market and reach capitalization ofUSD150 million within 2 years.
VEB Innovations chief executive Kirill Bulatov says, “SmartSeeds is a new ambitious project with a clear focus and professional team with an experience as grain market professionals and large Internet project implementers (www.anywayanyday.com). Apart from the commercial upside, the project is a milestone for the agricultural shipment sector, as it will digitise Russia’s agricultural shipments constituting the nation’s major strategic sector. As we participate in the project, we not only seek to reach the capitalization target set for the project company. What we also want to achieve is to become a ‘common exchange hub’ bringing together the Digitised Economy projects and thus hold the businesses throughout the sector to optimize their operations and boost the performances in terms of both quality and quantity by using digital technology”.
Kirill Podolsky, who has created the SmartSeeds project says: “Agricultural freight shipments in Russia is a national agriculture sector with poorest performances. It continues to be dominated by outdated technology and non-transparent mechanisms. They sensibly challenge the sector’s progress, bring about greater costs and depress the agricultural business efficiency. We created the SmartSeeds platform based on lessons learnt after many years in the agricultural business. The purpose of SmartSeeds is to drive the evolution of the agricultural shipments and agricultural sector overall. Today, the market needs to be radically reinvented, and SmartSeeds is to power this change.”
Artem Kuznetsov, a co-investor in the SmartSeeds project, says: “The freight shipment market is facing essential changes all across the globe. Russia also needs to have in place a resource that would offer a modern infrastructure that would be accessible to all participants in the grain shipment market. I know Mr. Podolsky for a long time yet, and I understand that he has a rare combination of knowledge and expertise. On the one hand, he has been in the agricultural export and production business for great many years. While on the other hand, he has an impressive background in the field of implementing complex IT services. This was the key consideration for me and other investors, who eventually decided to invest into SmartSeeds. The technology development and implementation phase was finalized in the third quarter in 2017. And the system will reach the critical volume by 2018-2019. The completed system will start to be scaled up from 2019. Financially, the project is expected to generate a significant positive cash flow and so is appealing to investors.”
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