MOSCOW, July 14, 2016 /PRNewswire/ --
YouDo.com a service marketplace that helps consumers search for and hire local contractors, announced today the completion of a $6.2M Series C financing round, led by Sistema Venture Capital, along with existing investors Sergey Solonin, Flint Capital and United Capital Partners. YouDo.com will use the funds to strengthen its market leadership in Russia and expand its operations internationally, including to the US, Europe and Asia.
YouDo.com has already capitalized on similar growth in the Russian "marketplace economy" over the past few years. A free-to-use online platform that allows users to search for and hire a contractor to complete a wide range of household tasks or single assignments, YouDo.com has established itself as the largest such company operating in Russia. As international markets grow, the new funds will allow the Company to expand its operations outside of, as well as within, Russia.
"To date, YouDo.com has focused its efforts locally, nevertheless we have built a dedicated and loyal customer base that values the service we provide," said Alexey Gidirim, Co-Founder of YouDo.com. "Our next goal is to maintain our leadership position in Russia and roll out our platform in other countries. The new round of funding will allow us to test new ideas, and launch services over the next 12 months, in several major cities that represent key markets outside of Russia."
"Over the last several years, digital marketplaces have allowed individuals to more easily monetize their time and skills, changing the fundamental way we think about employment while simultaneously increasing productivity and reducing unemployment," said Alexey Katkov, President of Sistema VC. "YouDo.com is poised to play a much bigger role in accelerating this change and we are very excited to be partnering with them."
"YouDo.com has been leading the development of Russia's marketplace economy since its founding and has built a unique business model that positions the company to expand operations across Russia and to international markets," said Dmitry Smirnov, General Partner at Flint Capital. "We look forward to working closely with the team to identify potential opportunities for YouDo's expansion into new markets."
"YouDo.com offers a great product, which United Capital Partners has analyzed from every angle, from the user end, to the fine details of their business model and plans for expansion. We have strong faith in the team led by Alexey and Denis, and we are excited to see them unlock the full potential of their platform as they expand," said Victoria Lazareva, Managing Partner of United Capital Partners.
Prior to this round of funding, YouDo.com raised a $1M Series A from Flint Capital in 2013, and then completed a follow-on Series B round with Flint Capital, United Capital Partners and Sergey Solonin, the owner of Qiwi.
YouDo.com is Russia's largest service marketplace that helps consumers search and hire local professionals and non-professionals. The company was founded in 2012 by Alexey Gidirim and Denis Kutergin and has quickly become one of the fastest growing companies in the online-services market. For more information, please visit YouDo.com
About Sistema Venture Capital
Sistema Venture Capital invests in Internet-based companies and technologies. We are looking for scalable platform solutions (SaaS/PaaS), marketplaces, advertising technologies, IoT projects and entertainment startups, including online gaming and VR/AR. The fund is led by Alexey Katkov, former Senior Manager of the Mail.Ru Group. For more information, please visit http://www.sistema.vc
About Flint Capital
Flint Capital is an international venture capital fund investing across US, Israel and Europe.
Flint's investments focus on Mobile, SaaS, Advertising, Financial and Educational Technologies as well as on the Security and Enterprise sectors. For more information, please visit http://www.flintcap.com
About United Capital Partners
United Capital Partners is an independent, private investment group that was established in 2006 to manage the assets of its partners and co-investors. For more information, please visit http://www.ucpfund.com
For additional information
Alexey Gidirim, Cofounder
Sistema Venture Capital
Anna Yanchevskaya, Communications director