Russian online shoe store Sapato.ru has announced a successful second round of funding with $5 million from previous investors eVenture Capital Partners, Fast Lane Ventures, and Kinnevik. The company plans to use the funding to increase their product line as well as launch a new campaign to take advantage of the $15 billion shoe industry in Russia.
Plans to improve customer service in competition with Zappos are also in the works.
Sapato.ru, an online retailer of footwear for men, women, and children, is a relatively new Russian startup, having only launched in summer 2010. The company currently offers 100 brand name footwear manufacturers representing more than 3,000 models. They hope to expand their inventory to include 10,000 models in 2011. Sapato.ru is in a fairly good position in the Russian online footwear market still in its infant stages.
eVenture Capital Partners (www.evcpartners.com)
eVenture Capital is an internet-focused venture capital firm which has been backing early-stage internet business for nearly 15 years. eVenture is often the first institutional investor on the scene of a new project, bringing their vast network of connections and resources to bring startups to the next level.
The firm’s two funds, eVenture I Europe and BV Capital III North America have invested in big names like AOL, Vuze, Mapia.ua, Groupon, and GoToMyPC. Otto Group is eVenture Capital’s anchor investor.