Improvado.io, a US-based marketing solution provider with Russian roots, has secured $5 million from several investors including two Russian funds: Impulse VC, which is reportedly affiliated to Russian billionaire Roman Abramovich, and Cabra VC.
According to the business daily Vedomosti, which reported the news earlier this week, this capital injection comes as the second part of a round which involved 60 investors in 2017-18. Led by San Francisco-based Bullpen Capital, the initial capital injection amounted to $3 million. It also involved BlueKai, Oracle, PubMatic, AdRoll, MediaMath, Aidata, and LiveRamp, as well as a top managers of Oracle and Microsoft.
Daniel Kravtsov, Improvado’s co-founder and CEO, did not specify the amount of each investor’s contribution, but he said the investors would receive in total more than 30% of the company’s share.
Commenting on the company last year, Auren Hoffman, former CEO and co-founder of LiveRamp, said: “Improvado.io addresses a huge problem that is felt by nearly every company – marketers need to aggregate, analyze and report critical data. Individuals and teams responsible for measuring digital marketing success now have an amazing new friend.”
The startup plans to use the funding to expand its product portfolio and scale up its business operations: it is going to open an office in New York this April, in addition to its offices in San Francisco, Moscow, and Tomsk. Improvado also has plans to expand its operations to Europe.
The company intends to hire most of its developers in Russia and most of its marketing team in the US.
Founded by Kravtsov in the USA in 2015, Improvado has developed a technology to extract data from various sources and automate most of the data collection, analysis and reporting processes in marketing departments. Thus, marketers can optimize their campaigns without losing meaningful information and without hiring developers, claims the startup.
