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Vostok New Ventures has released its Q1 report, but there’s not much news since the company sold it Avito shares in January. The sale did, however, have a huge impact on its numbers.

Vostok now has a net asset value of $584.87 million. That’s down $291 million, mostly due to a payout of SEK 25 ($ 2.6) per share after the Avito deal closed. The company has also been able to redeem its bond debt as a consequence of the sale.

Vostok’s net result for Q1 was negative at minus $26.58 million. While it made a few investments this quarter, only one was directed towards a marketplace. The firm invested another  $0.2 in Shwe Property. Scooter sharing service Voi recieved $10.1 million and taxi service Gett saw an investment of $2.3 million.

Vostok also became a new investor in Shohoz — a fast-growing ride-sharing service in Bangladesh —  with $7 million.

There’s lots of room for more investments from the company as 32 percent of its holdings — or $192 million — is in cash.
“Our investment strategy is the same as before we sold Avito,” CEO Per Brilioth said in his presentation. He said classifieds are the holy grail of network effects.

Vostok’s largest property is the Dubai-based MENA region vertical PropertyFinder. It also owns stakes in Hemnet, Agente Imóvel, and Housing Anywhere.