AlterGeo, in its latest round of funding, raised what is to be believed to be between USD 5 and 10 million through Intel Capital and Almaz Capital, in exchange for a 25% share in the company. In a previous round of funding, AlterGeo was able to raise USD 1 million through Kite Ventures and AddVenture.
AlterGeo (www.altergeo.ru)
AlterGeo was originally founded in 2008 under the company name Wi2Geo. They develop mobile phone applications which allows people to find locations, track friends and mark favorite places within the city on their phones.
The company currently has over 700 thousand users and has applications for every smartphone currently on the market. AlterGeo has “check-in” capabilities which allows users to show where they are, and what their proximity is to the location they wish to visit.
In addition to its mobile applications, AlterGeo also licenses its software to third-party companies.
The company is currently based in Moscow, Russia.
29/06/2011
Central & Eastern Europe, Russia, Software & Information Technology