VEB Ventures (VEB Innovations LLC) announces the closing of the transaction in the amount of RUB 500 million. The funds were received by O3 Group. Earlier, a corresponding investment agreement was signed at the St. Petersburg Economic Forum 2019.

"VEB Ventures' priority areas of activity are support of technologies aimed at the development of the urban environment in the widest sense - these can be both convenient services for residents and solutions related to the construction of objects of a new level of quality and comfort. In particular, O3 Group offers solutions for both industrial and social infrastructure facilities. We expect that the participation of VEB Ventures in this and other transactions, which are currently undergoing the final stages of the investment process, will allow companies to effectively expand their high-tech business and bring to the market unique innovative solutions," - said the CEO of VEB Ventures Oleg Teplov.

"Cooperation with VEB Ventures gives an opportunity to develop new and scale current business directions. By investing in production and technology we plan to strengthen our leading position in the segments of protective materials and services for the oil and gas industry and energy, as well as to expand our portfolio of products for housing and communal services and infrastructure," said Grigory Shifrin, CEO of O3 Group.