Altair, the venture fund of serial business angel Igor Ryabenkiy, has invested an undisclosed amount in Alytics, a startup developing contextual ad solutions to optimize conversion rates.
The investment comes a mere eight months after Ryabenkiy co-invested with the Moscow Seed Fund in the startup at the seed stage. The initial funding has been used to “to launch an open beta-version of the product and its massive entry on the market, to develop customer service and to adapt the product to the needs of the market,” the startup stated.
The company is growing at 30-40% per month with clients from Russia, Ukraine, Belarus and Eastern Europe, Russian online publication ToWave quoted Alytics’ co-founder and CEO Ilya Makarov as saying.
Russian startups in the field of online advertising have strongly appealed to investors recently. Among those that received venture funding in the past months are Retail Rocket, Agelon, iContext, Flocktory and CPA Exchange.
The Russian online advertising market neared almost $2 billion last year, up 56% from 2011.
