Russian early stage fund Runa Capital took part in a round of financing for BigTime, a US corporate software publisher. Along with Runa, the financiers included US and international funds LTC Partners, Geneva Venture Investment Management, Hickory Grove, and Howell Capital for a total amount of $3 million, news agency RIA Novosti reported yesterday.
The amount of Runa’s contribution was not disclosed, but RIA Novosti reported that, according to BigTime representatives, Runa’s investment amounted to “a few hundred tousand dollars.” BigTime expects that Runa’s participation will provide the company with additional expertise along with easier access to the Russian market.
BigTime Software was originally founded in 2002 as Edison’s Attic, Inc. It has grown into a global provider of SaaS time, billing and practice management solutions customized for a range of industries.
The deal marks Runa Capital’s first investment in a foreign company. Founded in mid-2010 by Sergey Belousov, chairman of Parallels’ Board of Directors, and Alexander Galitsky, head of Almaz Capital, the fund manages now $75 million in capital and share assets.
Last spring, Runa invested in Metabar, a Russian startup offering customizable toolbars, and in Travelmenu, a Russian-Ukrainian site offering a suite of travel products. Runa also invests in residents of Skolkovo, the state-sponsored innovation hub currently under construction near Moscow.
