Intel’s corporate venturing unit has led Russia-based ecommerce company KupiVIP in a $38m round on June 21.
Intel Capital was joined in the round by Acton Capital Partners, the former corporate venturing unit of Hubert Burda Media, development agency the European Bank for Reconstruction and Development as well as venture firms Accel Partners and Balderton Capital. It brings the total raised by KupiVIP to $124 million, news provider Reuters said.
Other previous backers of KupiVIP include Russia Partners.
Arvind Sodhani, president of Intel Capital, said: “Fashion ecommerce sites, customized to local cultural preferences and technology usage models, are major drivers of entrepreneurship and economic growth worldwide. With investments in similar sites from China to Brazil, Intel Capital brings significant experience from working with these types of businesses all over the world and we look forward to applying our expertise and global network to help KupiVIP take advantage of the great opportunities the Russian market has to offer.”
Christian Morales, general manager of Intel Europe, Middle East and Africa, said: “Ecommerce is growing very fast in Russia and we are very pleased to be contributing to it by investing in KupiVIP and bringing in our best technology to improve the customer’s experience”.
The Intel Capital investment team for KupiVIP was led by investment director Igor Taber. Taber joined KupiVIP’s Advisory Board along with Jan-Gisbert Schultze, managing partner of Acton Capital Partners.