SEO and advertising company SeoPult raises record $10 million; eyes foreign markets
Leading Russian SEO and online advertising automation platform SeoPult announced yesterday that it raised $10 million from iTech Capital, a Moscow-based private equity and VC fund, in exchange for an undisclosed minority equity stake.
The amount stands as a record in the Russian online marketing industry. The SEO and SEM markets in Russia are growing steadily by up to 30% annually. They are expected to reach $1.5 billion in size before the end of 2012, according iTech Capital, citing studies from J.P. Morgan and market experts.
SeoPult, which enables businesses to build effective e-marketing channels without specific knowledge or skills, was established in 2008. In addition to its automated SEO service, it includes Click.ru (SEM), SeoPult.tv (online TV) and Cybermarketing.ru (an offline center for e-marketing education). The company claims to serve more than 200,000 business users in Russia, the CIS, and Poland.
“The company is growing faster than the market, doubling its revenue every year. It is profitable, pays quarterly dividends, and has always been self-sufficient in terms of fueling the growth,” said iTech Capital Investment Manager Nikolay Davydov.
The fund, however, declined to offer precise figures on the company’s financials.
“We consider the current investment round to be a great opportunity to support the company’s rapid growth globally,” said SeoPult’s co-founder Igor Artemenko, with a view toward expansion in Southeast Asia and Europe.
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