Accel leads $75m funding round for AVITO.ru

The new capital will be used to drive AVITO's growth throughout Russia, while the consortium of investors will support the company by providing sector specific knowledge.

Kinnevik and Northzone were already invested in the business prior to this latest round.

Company
Launched in October 2008, AVITO.ru is a classifieds website that aims to enhance communication between buyers and sellers. The company claims to attract up to 30 million unique users per month. Forecasts expect the cumulative value of items traded on the site to exceed 3% of Russia's GDP in 2012.

TNS research shows that 40% of Russian internet users visit the site every month.

People
Sonali de Rycker, partner, led the deal on behalf of Accel. Filip Engelbert is executive director and co-founder of AVITO.ru.
 

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• Topics
• CEE
• Expansion
• Technology
• Accel Ventures
• Northzone