Russia’s Sistema fund invests in household tasks service YouDo.com

MOSCOW, Jul 15 (PRIME) -- Sistema Venture Capital, a venture fund of Russian multi-industry holding Sistema, has become a lead contributor in a round of investment in YouDo.com, an online household tasks service, which collected U.S. $6.2 million in total, the service said late Thursday in a statement.

“The investment received in the new round will be spent on expansion of YouDo.com’s geography in Russia and involvement of new clients and categories of specialists,” the statement read.

In addition to Sistema Venture Capital, investments were made by payment service Qiwi’s owner Sergei Solonin, fund Flint Capital and group of companies United Capital Partners (UCP).

YouDo.com currently works in Moscow and St. Petersburg. The service’s co-founder Alexei Gidirim said it will appear in several big cities until the end of 2016 and go beyond the country’s borders.

“The market targeted by YouDo.com cannot be calculated; it’s enormous and covers various industries. We believe the platform has a colossal growth potential in Russia and all the chances of a successful entrance on foreign markets,” Sistema Venture Capital’s President Alexei Katkov said.

YouDo.com is free for users, and the platform is monetized by executors paying for an option to make offers to tasks. It has more than 75,000 private specialists and companies in its register and is used by more than 750,000 people. It handled orders for 1.5 billion rubles in 2015.

(63.5773 rubles – U.S. $1)

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