Andrey Krivenko’s venture fund TealTech Capital has acquired 100% of the Noun women’s clothing chain from founder Semyon Pimenov.
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TealTech Capital Fund Established Retail Noun
According to the Unified State Register of Legal Entities, TealTech Capital is the sole owner of Fashion Retail LLC since July 9, 2024. Thus, the 54.5% share of founder Pimenov was transferred to the fund.
As the fund clarified to Forbes, the brand’s chief investment officer will now be Kirill Dudnikov, TealTech Capital’s chief investment officer.
Pimenov, in turn, claimed that his Andrei Krivenko Foundation deliberately deprived him of his business and that he himself was forced to leave the company without compensation, “for one ruble.” He also spoke about the corporate conflict that, according to him, was the basis for the transfer of the share.
Pimenov says there was a sudden halt to investment by the fund.
“As a result, in the middle of this year, Noun was on the verge of bankruptcy, the fund’s management team gave me a choice: either I have to leave the company or it will go bankrupt,” Pimenov said. He added that after his departure the fund resumed investments.
The Noun women’s clothing brand was founded in 2016 by Semyon Pimenov. In December 2022, TealTech Capital’s investment in the retailer amounted to 200 million rubles. This is the third round of investment with the Krivenko fund; TealTech Capital’s total investments in the business are estimated at 290 million rubles.
Noun produces clothing weekly in small batches of 100 to 300 units. Today the chain operates 17 stores in the main cities of the country.
At the end of 2023, Fashion Retail LLC received revenues of 393.2 million rubles. Losses amounted to 17.9 million rubles.
Author:
Natalia Gormaleva
Source: RB
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