With the Russian e-commerce market expected to reach the USD $6 billion mark later this year, investors are looking for ways to get in on the high-growth opportunities. ABRT Fund and Mangrove Capital are no exceptions, having just invested in group purchasing site KupiBonus.ru in a deal that has been suggested could be worth as much as USD $1 million. Direct Group and Global Buying Group were also participants in this latest round of financing. The deal comes on the heels of eVenture Capital’s recent investment in a similar group purchasing venture called Darberry.ru.
KupiBonus.ru is a fledgling group buying portal just launched this year. The site specializes in offering discounted deals for Russian customers of salons, fitness centers, and health and beauty aids. Currently the offers are targeted at the greater Moscow area, but the new funding allows KupiBonus to expand into other Russian cities.
Mangrove Capital Partners (www.mangrove-vc.com)
Mangrove Capital Partners is a venture capital firm that works int the international market to provide financial backing to internet and software businesses. With the strategy of investing and advising companies in their early and growing stages of development.
Mangrove Capital is most known for its initial investment into Skype and was named to Forbes’ Midas list for both 2007 and 2008.
ABRT Venture Fund ( www.abrtfund.com)
Focusing on early stage development for internet and software companies, ABRT Venture Fund focuses on the Russian and Central and Eastern European markets. Specializes in research and development of product lines for growing companies, ABRT advises the firms in its portfolio on establishing a successful product line.
The Moscow-based venture capital fund was established by the founders of Aelita Software, sold in 2004 for USD $115 million to a U.S. firm.