Last week, AlterGeo came as the only startup from Russia and neighboring countries to be selected among the 30 finalists of the White Bull European innovation championship.
“The applicants were incredibly strong this year. We’ve carefully selected this year’s finalists based on business proposition, market strategy, technological solutions and understanding of customer needs,” said White Bull Summits founder Farley Duvall.
The winners will be announced at the Pathways to Exit summit, which will be held in Barcelona on October 1-3.
AlterGeo was founded in 2008 to apply the Foursquare concept to Russia. The startup now claims more than 900,000 registered users – up from 800,000 in November 2011 – from Russian and Ukrainian cities. Only a fraction, however, are considered active users.
The location based social networking service is integrated with leading Russian social networks.
In June of last year year, Altergeo closed its third round of financing with Intel Capital, Almaz Capital, a prominent Russian venture fund, and US venture investor Esther Dyson. The company was then estimated to be valued at $20 to $25 million.
