Earlier this month Rafael Sultanov, founder of the Russian-American startup iBuildApp, used his Facebook page to announce that his startup received $400,000 from “a well known CEO of a listed IT company.” However, he did not name the investor.
“This is the third investment we’ve attracted in five months,” Sultanov told East-West Digital News.
In June, iBuildApp received a $200,000 round from Russian fund Starta Capital and individual investor Nikolay Belykh. In March, the startup raised $525,000 from Eugene Miller and Constantine Filin.
The iBuildApp platform allows anyone to build mobile applications for iPhone and Android without any programming skills. Templates are available for different industries, from banks and restaurants to universities, schools and churches. The app can be customized with additional texts, RSS-feeds, images, audio, video and more.
The platform can be used free of charge. However, advertising and push functions are available on a paid basis. Customers may also purchase widgets and designs in the iBuildApp Marketplace. This freemium model has not made the startup profitable yet, but iBuildApp generated a total revenue of $400,000 last year. It expects to reach $10 million by 2015.
