Russia’s TVigle Gets Further Investment For Web Video Production

Russian online TV maker Tvigo Entertainment (TVigle) is getting an investment of about $5 to $6 million. The outfit has sold another 25 percent stake to Allianz Rosno’s Moscow Venture Fund, which also invested $2 million for an earlier 25 percent stake in 2007. TVigle’s site gets about 1.7 million monthly users for its cartoons and other entertainment series, reported the Kommersant paper, which quoted local observers as saying the company needed the extra money to survive. MindShare Interaction CEO Dmitry Ashmanov told the paper the Russian online video market was only worth $1 million. One of Russia’s other leading video sites is RuTube, which sold a majority stake to state gas giant Gazprom’s media division in March for a $15 million valuation. Via Quintura.