iTech Capital invests $10 mln in text management solutions service
MOSCOW. April 29 (Interfax) - Venture fund iTech Capital invested $10 million in text management solutions and software developer MFMSolutions, the fund said in a press release.
"The company is unique in its niche, its strategy envisages development of complex analytical products for banks and other financial sector players along with the development of its current product range, including the connection of alternative channels for delivering notifications," iTech Capital Investment Manager Ilya Balandin is cited as saying. "The volume of the text message market in Russia reaches 5 billion messages per month and is continuing to grow together with the use of products for remote banking services."
MFMSolutions founder Pavel Sorokin said the money raised will be used to develop message delivery solutions and for the launch of new projects.
Sorokin said the company currently has the capacity to deliver up to 10,000 messages per second. The platform uses the company's own SMS centers, organized on the basis of Russian mobile phone operators for delivery to subscribers of any mobile phone operators both in Russia and abroad.
iTech Capital reckons that MFMSolutions currently occupies around 40% of the Russian SMS market.
iTech Capital is a direct investment fund that invests in growing companies. It has capital of $100 million and can invest from $1 million to $10 million in a company. iTech Capital has invested in QIWI Post, The Battle of Brand, Giftofoni, MDTZK (owns Moscow's largest theatre ticket box office chain) and SeoPult.
iTech Capital plans to organize a second fund with capital of around $200 million in 2014.
