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		<title>Move Over Yuri Milner, Russia&#8217;s Richest Billionaire Is Already Spending His Facebook Guap</title>

		<comments>http://betabeat.com/2012/06/alisher-usmanov-facebook-russian-billionaire-airbus-jet-yacht-06062012/#comments</comments>
		<pubDate>Wed, 06 Jun 2012 18:41:17 -0400</pubDate>
					<link>http://betabeat.com/2012/06/alisher-usmanov-facebook-russian-billionaire-airbus-jet-yacht-06062012/</link>
			<dc:creator>Nitasha Tiku</dc:creator>
				
		<guid isPermaLink="false">http://betabeat.com/?p=48940</guid>
		<description><![CDATA[<p><div id="attachment_48994" class="wp-caption alignleft" style="width: 208px"><a href="http://nyobetabeat.files.wordpress.com/2012/06/alisher_usmanov_21_october_2009.jpg"><img class="size-full wp-image-48994" title="Alisher_Usmanov_21_October_2009" src="http://nyobetabeat.files.wordpress.com/2012/06/alisher_usmanov_21_october_2009.jpg" alt="" width="198" height="191" /></a><p class="wp-caption-text">via Wikimedia</p></div></p>
<p>Nobody does <em>nouveau-riche </em>quite like a Russian oligarch. But Alisher Usmanov, the richest man in Russia, might have perfected the form. Although most of the press around Digital Sky Technologies (DST), the <a href="http://www.crunchbase.com/financial-organization/digital-sky-technologies-fo">valuation-happy venture capital firm</a>, focuses on founder Yuri Milner, Bloomberg reported earlier this year that Mr. Usmanov actually owns <a href="http://www.bloomberg.com/news/2012-03-05/richest-russian-alisher-usmanov-aided-by-facebook-as-billionaire.html">an 80 percent stake in the firm</a>. That means that when DST sold Facebook shares worth about $1.7 billion during the company's IPO, about <a href="http://www.bloomberg.com/news/2012-06-06/facebook-investor-usmanov-said-to-acquire-wide-body-airbus-jet.html">$1.4 billion</a> of that went to Mr. Usmanov.</p>
<p>And the man hasn't wasted any time making it rain. In the days since the IPO, Mr. Usmanov, who first made his fortune in mining and metals, has purchased <a href="http://www.bloomberg.com/news/2012-06-06/facebook-investor-usmanov-said-to-acquire-wide-body-airbus-jet.html">the biggest private jet in Russia</a>, a wide-body Airbus A340-300. Putting Putin to shame, apparently.<!--more--></p>
<blockquote><p>The A340 has a range of as far as 9,000 miles and can seat as many as 375 people, according to the website of the manufacturer, Toulouse, France-based Airbus SAS. The plane’s 2001 catalog price was $238 million, though the final cost could swell to $350 million or even $500 million depending on how it’s decorated and outfitted, said Oleg Panteleyev, an editor at Aviaport.ru, a website that tracks the aviation industry.</p>
<p>“It’s definitely the largest business jet in Russia and maybe even the largest in Europe,” Panteleyev said by phone from Moscow today. Billionaire Roman Abramovich has a Boeing 767 and President Vladimir Putin uses a Russian-made Ilyushin Il-96, both of which are smaller than the A340, he said.</p></blockquote>
<p>The jet will be named Bourkhan, after Mr. Usmanov's father. But that's not the only big ticket item purchased with a nod to filial piety. A local paper also reports that Mr. Usmanov has <a href="http://www.bloomberg.com/news/2012-06-06/facebook-investor-usmanov-said-to-acquire-wide-body-airbus-jet.html">commissioned a $100 million yacht</a>. That one will be named after his mother, Dilbar.</p>
<p>Perhaps a ride on Mr. Usmanov's new vehicles will be enough to convince his fellow Muscovites that tech stocks can pay off--even with an underperforming IPO.</p>
]]></description>
		<content:encoded><![CDATA[<p><div id="attachment_48994" class="wp-caption alignleft" style="width: 208px"><a href="http://nyobetabeat.files.wordpress.com/2012/06/alisher_usmanov_21_october_2009.jpg"><img class="size-full wp-image-48994" title="Alisher_Usmanov_21_October_2009" src="http://nyobetabeat.files.wordpress.com/2012/06/alisher_usmanov_21_october_2009.jpg" alt="" width="198" height="191" /></a><p class="wp-caption-text">via Wikimedia</p></div></p>
<p>Nobody does <em>nouveau-riche </em>quite like a Russian oligarch. But Alisher Usmanov, the richest man in Russia, might have perfected the form. Although most of the press around Digital Sky Technologies (DST), the <a href="http://www.crunchbase.com/financial-organization/digital-sky-technologies-fo">valuation-happy venture capital firm</a>, focuses on founder Yuri Milner, Bloomberg reported earlier this year that Mr. Usmanov actually owns <a href="http://www.bloomberg.com/news/2012-03-05/richest-russian-alisher-usmanov-aided-by-facebook-as-billionaire.html">an 80 percent stake in the firm</a>. That means that when DST sold Facebook shares worth about $1.7 billion during the company's IPO, about <a href="http://www.bloomberg.com/news/2012-06-06/facebook-investor-usmanov-said-to-acquire-wide-body-airbus-jet.html">$1.4 billion</a> of that went to Mr. Usmanov.</p>
<p>And the man hasn't wasted any time making it rain. In the days since the IPO, Mr. Usmanov, who first made his fortune in mining and metals, has purchased <a href="http://www.bloomberg.com/news/2012-06-06/facebook-investor-usmanov-said-to-acquire-wide-body-airbus-jet.html">the biggest private jet in Russia</a>, a wide-body Airbus A340-300. Putting Putin to shame, apparently.<!--more--></p>
<blockquote><p>The A340 has a range of as far as 9,000 miles and can seat as many as 375 people, according to the website of the manufacturer, Toulouse, France-based Airbus SAS. The plane’s 2001 catalog price was $238 million, though the final cost could swell to $350 million or even $500 million depending on how it’s decorated and outfitted, said Oleg Panteleyev, an editor at Aviaport.ru, a website that tracks the aviation industry.</p>
<p>“It’s definitely the largest business jet in Russia and maybe even the largest in Europe,” Panteleyev said by phone from Moscow today. Billionaire Roman Abramovich has a Boeing 767 and President Vladimir Putin uses a Russian-made Ilyushin Il-96, both of which are smaller than the A340, he said.</p></blockquote>
<p>The jet will be named Bourkhan, after Mr. Usmanov's father. But that's not the only big ticket item purchased with a nod to filial piety. A local paper also reports that Mr. Usmanov has <a href="http://www.bloomberg.com/news/2012-06-06/facebook-investor-usmanov-said-to-acquire-wide-body-airbus-jet.html">commissioned a $100 million yacht</a>. That one will be named after his mother, Dilbar.</p>
<p>Perhaps a ride on Mr. Usmanov's new vehicles will be enough to convince his fellow Muscovites that tech stocks can pay off--even with an underperforming IPO.</p>
]]></content:encoded>
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		<title>ZocDoc CEO, Upon Raising $25 M. from Goldman Sachs: &#8216;We&#8217;re Not Planning an IPO Soon&#8211;We Don&#8217;t Need To&#8217;</title>

		<comments>http://betabeat.com/2011/09/zocdoc-ceo-upon-raising-25-m-from-goldman-sachs-were-not-planning-an-ipo-soon-we-dont-need-to/#comments</comments>
		<pubDate>Thu, 22 Sep 2011 14:02:06 -0400</pubDate>
					<link>http://betabeat.com/2011/09/zocdoc-ceo-upon-raising-25-m-from-goldman-sachs-were-not-planning-an-ipo-soon-we-dont-need-to/</link>
			<dc:creator>Adrianne Jeffries</dc:creator>
				
		<guid isPermaLink="false">http://www.betabeat.com/?p=17645</guid>
		<description><![CDATA[<p><a href="http://zocdoc.com"></a></p>
<p><div id="attachment_17648" class="wp-caption alignnone" style="width: 474px"><img class="size-full wp-image-17648 " title="zocdoc team" src="http://nyobetabeat.files.wordpress.com/2011/09/zocdoc-team.png" alt="" width="464" height="325" /><p class="wp-caption-text">Nick Ganju (left, co-founder &amp; CTO), Cyrus Massoumi (back center, co-founder &amp; CEO), Oliver Kharraz, MD (right, co-founder &amp; COO) and Netta Samroengraja (front center, CFO).</p></div></p>
<p><a href="http://zocdoc.com">ZocDoc</a> just announced a <a href="http://blog.zocdoc.com/goldman-sachs-invests-in-zocdoc/">surprise extra $25 million</a> on top of the $50 million the startup recently raised from Yuri Milner and DST, and the money came from high places--Goldman Sachs is investing directly in ZocDoc. That is to say, not through Goldman Sachs Investment Partners and not through Goldman's Principal Investment Area, but with money off its own balance sheets, ZocDoc CEO Cyrus Massoumi told Betabeat.</p>
<p>One of ZocDoc's first angel investors works at Goldman Sachs in a "unique position," Mr. Massoumi said. Goldman also manages some of ZocDoc's finances, and can be expected to handle or at least advise them on any acquisitions ZocDoc might make in the future. Plus ZocDoc's executives have personal friends at the firm, Mr. Massoumi said. (He and co-founder Dr. Oliver Kharraz used to be closer to that world--the two previously worked at the consulting firm McKinsey &amp; Company, and continued to wear suits and ties after starting ZocDoc until a friend told them they looked too much "like consultants" to be entrepreneurs, which prompted them to hit the Gap.)</p>
<p>"We're just really excited," he said. "There is not a large healthcare institution domestically, perhaps internationally, that does not have a relationship with Goldman Sachs."</p>
<p>Talks with Goldman started a few weeks ago, in a "mutual conversation," after the DST investment, Mr. Massoumi said.<!--more--></p>
<p>Often when a private equity firm or investment bank gets involved with a tech startup, the expectation is that an IPO is around the corner. ZocDoc is expanding fast and hard, recently launching in Boston, where the average wait time to see a doctor is 50 days.</p>
<p>ZocDoc wants to spend its Series C funding on reaching all 51 U.S. markets, Mr. Massoumi said. 'It's important to us that we keep the promise that we've made and make sure that ZocDoc is accessible in as many places around the country as possible, as quickly as possible."</p>
<p>But wouldn't an IPO to raise a quick pile of cash help with that?</p>
<p>"It's not something we're really thinking about," he said. "I would not expect that from us. We're not planning to go public any time soon."</p>
<p>And why not?</p>
<p>"We don't have to," Mr. Massoumi said.</p>
<p>So $75 million is enough?</p>
<p>"I thought $50 million was going to be enough," he said.</p>
<p>Betabeat happened to ask the IPO question of Mr. Massoumi's co-founder, Oliver Kharraz, who kept the secret of the Goldman funding impeccably under his hat when we visited ZocDoc's office last week. Dr. Kharraz said the same thing--ZocDoc isn't thinking of an IPO, the founders aren't thinking of an exit.</p>
<p>This partnership struck Betabeat as having several additional advantages:</p>
<blockquote><p>-Goldman's early investment puts it in a good position to eventually underwrite the company's IPO<br />
-the partnership with Goldman could gives ZocDoc's early investors some options for liquidating their stakes, while allowing ZocDoc's executives to have some control over how and when that happens<br />
-optics! Goldman hardly invests in tech startups, and rarely at such paltry levels. The last company we recall getting a Goldman investment was ... Facebook. And remember <a href="http://nymag.com/daily/intel/2011/01/facebooks_russian_investor_hel.html">who co-invested in that deal</a>?</p></blockquote>
<p>ZocDoc earns $250 a month for every doctor in the system (which is why it keeps the number of doctors closely guaded). TechCrunch reported that ZocDoc, which has raised a total of $95 million to date, <a href="http://techcrunch.com/2011/08/02/dst-invests-50-million-into-zocdoc-so-they-can-finally-get-a-decent-logo/">was valued at $700 million</a> before the DST investment.</p>
]]></description>
		<content:encoded><![CDATA[<p><a href="http://zocdoc.com"></a></p>
<p><div id="attachment_17648" class="wp-caption alignnone" style="width: 474px"><img class="size-full wp-image-17648 " title="zocdoc team" src="http://nyobetabeat.files.wordpress.com/2011/09/zocdoc-team.png" alt="" width="464" height="325" /><p class="wp-caption-text">Nick Ganju (left, co-founder &amp; CTO), Cyrus Massoumi (back center, co-founder &amp; CEO), Oliver Kharraz, MD (right, co-founder &amp; COO) and Netta Samroengraja (front center, CFO).</p></div></p>
<p><a href="http://zocdoc.com">ZocDoc</a> just announced a <a href="http://blog.zocdoc.com/goldman-sachs-invests-in-zocdoc/">surprise extra $25 million</a> on top of the $50 million the startup recently raised from Yuri Milner and DST, and the money came from high places--Goldman Sachs is investing directly in ZocDoc. That is to say, not through Goldman Sachs Investment Partners and not through Goldman's Principal Investment Area, but with money off its own balance sheets, ZocDoc CEO Cyrus Massoumi told Betabeat.</p>
<p>One of ZocDoc's first angel investors works at Goldman Sachs in a "unique position," Mr. Massoumi said. Goldman also manages some of ZocDoc's finances, and can be expected to handle or at least advise them on any acquisitions ZocDoc might make in the future. Plus ZocDoc's executives have personal friends at the firm, Mr. Massoumi said. (He and co-founder Dr. Oliver Kharraz used to be closer to that world--the two previously worked at the consulting firm McKinsey &amp; Company, and continued to wear suits and ties after starting ZocDoc until a friend told them they looked too much "like consultants" to be entrepreneurs, which prompted them to hit the Gap.)</p>
<p>"We're just really excited," he said. "There is not a large healthcare institution domestically, perhaps internationally, that does not have a relationship with Goldman Sachs."</p>
<p>Talks with Goldman started a few weeks ago, in a "mutual conversation," after the DST investment, Mr. Massoumi said.<!--more--></p>
<p>Often when a private equity firm or investment bank gets involved with a tech startup, the expectation is that an IPO is around the corner. ZocDoc is expanding fast and hard, recently launching in Boston, where the average wait time to see a doctor is 50 days.</p>
<p>ZocDoc wants to spend its Series C funding on reaching all 51 U.S. markets, Mr. Massoumi said. 'It's important to us that we keep the promise that we've made and make sure that ZocDoc is accessible in as many places around the country as possible, as quickly as possible."</p>
<p>But wouldn't an IPO to raise a quick pile of cash help with that?</p>
<p>"It's not something we're really thinking about," he said. "I would not expect that from us. We're not planning to go public any time soon."</p>
<p>And why not?</p>
<p>"We don't have to," Mr. Massoumi said.</p>
<p>So $75 million is enough?</p>
<p>"I thought $50 million was going to be enough," he said.</p>
<p>Betabeat happened to ask the IPO question of Mr. Massoumi's co-founder, Oliver Kharraz, who kept the secret of the Goldman funding impeccably under his hat when we visited ZocDoc's office last week. Dr. Kharraz said the same thing--ZocDoc isn't thinking of an IPO, the founders aren't thinking of an exit.</p>
<p>This partnership struck Betabeat as having several additional advantages:</p>
<blockquote><p>-Goldman's early investment puts it in a good position to eventually underwrite the company's IPO<br />
-the partnership with Goldman could gives ZocDoc's early investors some options for liquidating their stakes, while allowing ZocDoc's executives to have some control over how and when that happens<br />
-optics! Goldman hardly invests in tech startups, and rarely at such paltry levels. The last company we recall getting a Goldman investment was ... Facebook. And remember <a href="http://nymag.com/daily/intel/2011/01/facebooks_russian_investor_hel.html">who co-invested in that deal</a>?</p></blockquote>
<p>ZocDoc earns $250 a month for every doctor in the system (which is why it keeps the number of doctors closely guaded). TechCrunch reported that ZocDoc, which has raised a total of $95 million to date, <a href="http://techcrunch.com/2011/08/02/dst-invests-50-million-into-zocdoc-so-they-can-finally-get-a-decent-logo/">was valued at $700 million</a> before the DST investment.</p>
]]></content:encoded>
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		<title>Dr. Chrono Adds Another $650K From Yuri Milner&#8217;s Personal Account</title>

		<comments>http://betabeat.com/2011/08/dr-chrono-adds-another-650-k-from-yuri-milners-dst/#comments</comments>
		<pubDate>Thu, 18 Aug 2011 11:48:22 -0400</pubDate>
					<link>http://betabeat.com/2011/08/dr-chrono-adds-another-650-k-from-yuri-milners-dst/</link>
			<dc:creator>Ben Popper</dc:creator>
				
		<guid isPermaLink="false">http://www.betabeat.com/?p=14892</guid>
		<description><![CDATA[<p><div id="attachment_14896" class="wp-caption alignleft" style="width: 310px"><img class="size-medium wp-image-14896" title="drchrono team" src="http://nyobetabeat.files.wordpress.com/2011/08/drchrono-team.png?w=300&h=217" alt="" width="300" height="217" /><p class="wp-caption-text">The Drchrono team with Y Combinator&#039;s Paul Graham.</p></div></p>
<p>New York born, Y Combinator-bred Drchrono, a tablet app for doctors, just added another big name investor to its cap table. Russian billionaire Yuri Milner has invested $650,000.</p>
<p>As Adrianne Jeffries wrote about <a title="New York-Born, Y Combinator-Bred Drchrono Raises $675K to Get Doctors on the iPad" href="http://www.betabeat.com/2011/07/14/new-york-born-y-combinator-bred-drchrono-raises-675k-to-get-doctors-on-the-ipad/">Drchrono when they raised $675,000</a> back in July:</p>
<blockquote><p><em><a href="http://drchrono.com/">Drchrono</a> started in New York almost three years ago with the goal of bringing the same principles of good design that rule companies like Square and Mint to electronic medical records. After a stint in the Rose Tech Ventures incubator, founders Daniel Kivatinos and Michael Nusimow skipped coasts to join Y Combinator. “The alumni of YC is a really powerful network,” <a href="http://www.betabeat.com/2011/05/04/across-time-zones-with-drchronos-daniel-kivatinos/">Mr. Kivatinos told Betabeat</a> in May, and right he was: The start-up just raised a $675,000 seed round from a dazzling line-up of investors including General Catalyst, Charles River Ventures, 500 Startups, Gmail creator and FriendFeed co-founder Paul Buchheit, Google’s Principal Engineer Matt Cutts, and the Start Fund (made up of investments from Yuri Milner and SV Angel).</em></p></blockquote>
<p>Mr. Milner must have liked what he was seeing, because he went back in for a double dip out of his personal account. Drchrono hopes to make an iPad as standard issue in a doctor's waiting room a beat up clipboard and germ ridden copy of last August's Cosmo.</p>
<p>&nbsp;</p>
<p><object width="560" height="345"><param name="movie" value="http://www.youtube.com/v/a4RPfrlCfz4?version=3&amp;hl=en_US" /><param name="allowFullScreen" value="true" /><param name="allowscriptaccess" value="always" /><embed type="application/x-shockwave-flash" width="560" height="345" src="http://www.youtube.com/v/a4RPfrlCfz4?version=3&amp;hl=en_US" allowscriptaccess="always" allowfullscreen="true"></embed></object></p>
]]></description>
		<content:encoded><![CDATA[<p><div id="attachment_14896" class="wp-caption alignleft" style="width: 310px"><img class="size-medium wp-image-14896" title="drchrono team" src="http://nyobetabeat.files.wordpress.com/2011/08/drchrono-team.png?w=300&h=217" alt="" width="300" height="217" /><p class="wp-caption-text">The Drchrono team with Y Combinator&#039;s Paul Graham.</p></div></p>
<p>New York born, Y Combinator-bred Drchrono, a tablet app for doctors, just added another big name investor to its cap table. Russian billionaire Yuri Milner has invested $650,000.</p>
<p>As Adrianne Jeffries wrote about <a title="New York-Born, Y Combinator-Bred Drchrono Raises $675K to Get Doctors on the iPad" href="http://www.betabeat.com/2011/07/14/new-york-born-y-combinator-bred-drchrono-raises-675k-to-get-doctors-on-the-ipad/">Drchrono when they raised $675,000</a> back in July:</p>
<blockquote><p><em><a href="http://drchrono.com/">Drchrono</a> started in New York almost three years ago with the goal of bringing the same principles of good design that rule companies like Square and Mint to electronic medical records. After a stint in the Rose Tech Ventures incubator, founders Daniel Kivatinos and Michael Nusimow skipped coasts to join Y Combinator. “The alumni of YC is a really powerful network,” <a href="http://www.betabeat.com/2011/05/04/across-time-zones-with-drchronos-daniel-kivatinos/">Mr. Kivatinos told Betabeat</a> in May, and right he was: The start-up just raised a $675,000 seed round from a dazzling line-up of investors including General Catalyst, Charles River Ventures, 500 Startups, Gmail creator and FriendFeed co-founder Paul Buchheit, Google’s Principal Engineer Matt Cutts, and the Start Fund (made up of investments from Yuri Milner and SV Angel).</em></p></blockquote>
<p>Mr. Milner must have liked what he was seeing, because he went back in for a double dip out of his personal account. Drchrono hopes to make an iPad as standard issue in a doctor's waiting room a beat up clipboard and germ ridden copy of last August's Cosmo.</p>
<p>&nbsp;</p>
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