YouDo.com, which is a Russian marketplace which helps consumers find and hire local professionals for home-related repairs, has now raised an amount of $17 million in a funding round which is led by Russia’s largest telecoms operator and digital services provider PJSC MTS.
In a statement, YouDo.com said PJSC MTS has commited that they may surely raise $12 million in the funding round, which was also participated by existing shareholders, which includes Sistema Venture Capital, Flint Capital, and United Capital Partner.
The startup has claimed that they have an users base of 5 million users, which helps to connects users to professionals for their private or business-related tasks, including housekeeping and cleaning, repairs, courier delivery, and freight transport. Users only need to publish the task they need to be carried out, put out a price, and choose the service provider out of those who apply.
“The funds raised will be used to launch new services categories and a federal-scale advertising campaign as well as to further automate the products on offer and expand the business geographically,” YouDo.com said. The latest funding round brings YouDo.com’s total funding amount to date to $26.5 million. It has raised five rounds since May 2013.
Flint Capital invested in the platform in its Series A in October 2013 while United Capital invested in YouDo.com’s funding round in December 2014.
Sistema Venture Capital led the company’s Series C in July 2016, which raised $6.2 million. Alexander Gorbunov, Vice President of MTS for Strategy and Development, expressed confidence that its investment in YouDo.com will be beneficial for both parties.
“MTS has the resources and the skills, which can be beneficial both for geographic expansion and for raising the efficiency of the company’s digital marketing strategy, which will help YouDo.com to maintain high rates of revenue growth,” Gorbunov said.
Alex Gidirim, Co-Founder of YouDo.com, said the company will remain independent even after the latest investments and that it can further raise current funding within the framework of the current round.
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