Russian HORECA software publisher iiko has finally secured the funds it had been seeking for nearly one year. The funds have been provided by Russian tech fund Leader Innovations, Russian business daily Vedomosti reported on Monday, citing the iiko’s General Director Roman Abramov.
The $10 million investment will be released in two tranches, including $6 million made available immediately and $4 million possibly injected within one year, Vedomosti reported from an unnamed “source close to the deal.”
The company has been valued at $16 million, according to that same source, with Leader Innovations receiving more than 25% of its shares.
The funds will be used to expand iiko’s activities in Asia and Central Europe as well as to develop new products.
iiko has its developpment center is in Kazan, in the Republic of Tatarstan, and offices in Kazan and in Moscow. It was founded in 2005 by Russian entrepreneurs Maxim Nalskyi and David Yan. (The latter also founded ABBYY, a world-renowned Russian provider of document conversion.) In 2007, iiko attracted important funding from Troika Dialog.
The firm’s software products are designed mainly for restaurants and hotels. One of them, the iikoRMS suite, includes a module to increase service speed and accuracy, manage finances and inventories, enhance HR processses, and prevent staff errors and fraud.
Leader Innovations is an affiliate of RVC, the Russian state-owned fund of funds dedicated to innovation. It invests in the energy, chemical and petrochemical, novel material and TMT sectors in the range of 50 to 300 million rubles (approximately $1.5 to $10 million).
