Intel Capital, Intel Corporation’s global investment organisation, has made two new investments in Russian companies as part of its ongoing commitment to support technological innovation in the country.
Intel Capital announced it has led a round of investment in AlterGeo, geo-location social networks in Russia with underlined location identification technology. The investment funds will be used to continue developing new and innovative services, grow the business’ user base and build a local business customer acquisition platform in what is one of the fastest growing sectors in the region.
Intel Capital has also signed an agreement to invest in Sapato.ru, a leading ecommerce retailer in Russia specialising in footwear. Sapato is the country’s first online multi-brand shoe store with more than 200 brands and 5700 models. The announcement marks Intel Capital’s first investment in the ecommerce sector in Russia. The funds will be used to drive scale within the business, increase marketing efforts and streamline operations.
“Innovation has been central to Russia’s development over the last few years. Our investments in these companies are proof of our continued commitment to the region and to supporting its entrepreneurial talent.” says Arvind Sodhani, President of Intel Capital and Executive Vice President of Intel. “Our support for these companies will give them access to global resources, knowledge and expertise to help drive their own growth and success.”
Christian Morales, General Manager, Europe, Middle East, Africa of Intel Corporation says: “We are really looking forward to working with two companies with such great potential. AlterGeo is already one of the largest location based services in Russia and our investment will further assist the development of this nascent sector offering significant growth opportunities for the business. Our investment in Sapato.ru is a first for Intel Capital in the ecommerce sector in Russia. The market is one of the most rapidly expanding segments in Russian internet services and represents an attractive growth proposition.”
