Baring Vostok, a leading Moscow-based PE/VC firm operating essentially in Russia and neighbouring countries, has invested $13 million in a customer data platform for marketing automation called Mindbox.
The terms of the deal were not disclosed, but Forbes Russia reported that Baring had received a minority stake in exchange for its investment, while Mindbix employees were allocated “a new option pool of more than 8%.”
Founded in 2006, Mindbox helps businesses set up loyalty programs, personalized offers and mailing lists for customers. Its client portfolio include Burger King, Cian, Delimobil, Dodo Pizza, L’Oréal, Perekrestok, and other companies.
According to Baring Vostok Investment Director Matvey Vinokurov, Mindbox is among the top 10 largest B2B SaaS companies in Russia.
In 2020, the company generated 621 million rubles in turnover (around $86 million at the average exchange rate of the year). Mindbox aims to grow ten-fold by 2028, according to media reports.
Mindbox will use the funding to double its IT department, develop new products and external growth. The startup had previously invested in such marketing technologies as Letteros and Popmechanic.
Commenting on the deal with Baring Vostok, Mindbox co-founder Ivan Borovikov said it took several years to find an investor willing to support the company without changing the culture and management, Forbes Russia reports.
Baring Vostok has made the news for the past two years and a half as its founder US citizen Michael Calvey was arrested and found guilty of embezzlement in a controversial case. The firm nevertheless continues to invest in Russia.
