News

2019.07.22 14:58

Leading Russian food retailer eyes Baltic states’ startups

LRT.lt2019.07.22 14:58

X5 Retail Group, the leading Russian food retailer, has launched a review of startups from Estonia, Latvia and Lithuania, according to a press release.

Based on the results of the application stage, 15 startups will be invited for negotiations as part of the pitch session in August 2019.

The startups could implement their projects at 15,000 stores and 40 distribution centers in 65 different regions of Russia, with a budget of up to 700,000 euros. X5 group operates 15,260 stories in Russia, and generated over 24.4m US dollars in revenues in 2018.

“X5 Lab was established to simplify implementation and scaling of new technologies into the company’s business processes,” said Denis Levchenko, head of innovation management at X5 Retail Group.

“We believe that the new selection process will help us to attract promising technological companies not just from Russia, but also from Estonia, Latvia, Lithuania,” Levchenko said in the press release.

X5 will also look for applicants in Belarus, Kazakhstan, Russia, Ukraine, and other countries. The first round of project selection is being held until August 2, 2019 in Estonia, Latvia and Lithuania.

The selection process is run by GoTech Innovation, which recently launched public sector pilot challenge in Lithuania.

Read more: Startups to venture into Lithuania’s public sector

Mums svarbus tikslumas ir sklandi tekstų kalba. Jei pastebėjote klaidų, praneškite portalas@lrt.lt