Only 12 hours after the fall of the Boeing, I had a conference call with New York and they said: ‘We can no longer fund the company, do whatever you want.’ We sat for two months without money and with wage arrears.” (…) In July we agreed on everything – but the Boeing fell in the southeast of Ukraine and the world changed. It was necessary to develop the business, to invest in it. “Goncharov was a minority shareholder with 15%, while Tiger had about 50%, and they were actually leading the development strategy. This failure was directly related to the international political climate, claimed Faldin at that time: The latest investment, led by Finprombank chairman and co-owner Anatoly Goncharov, took place in September 2014 after Wikimart failed to attract Western money again. Russian investors joined later with substantial contributions, investing more than $52 million starting from 2012. Business angels Fabrice Grinda, Chris Herndon and Jonty Kelt also backed the startup at an earlier stage, in 2009. The project was heavily funded by Western investors, with Tiger Global Management, investing some $30 million in total in 2010, 20. Launched in 2008 by Stanford graduates Maxim Faldin and Kamil Kurmakaev, Wikimart had the initial ambition to create a Russian analog of eBay. Last month, the Russian B2C e-commerce marketplace Wikimart shut down, putting an end to a long agony. **Editor’s note:** _This post from East-West Digital News was syndicated with permission._
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