Russian ad tech startup Garpun which developed a box solution to provide digital agencies and corporate advertisers with a full set of tools for professional online ad management, has raised $3,5 million in its first round of funding. The round was led by Moscow-based iTech Capital PE & VC fund. The funds will be used to accelerate product development and to add features for additional online marketing channels including RTB. Nikolay Davidov, iTech Capital Investment Director joined Garpun BoD.
Garpun helps managing paid search advertising campaigns across Google Adwords as well as key Russian-specific online properties: Yandex.Direct, Yandex.Market, Begun and Vk.com. The platform is based on 15 years’ experience and know-how of Russian top-5 online agency RealWeb. Garpun software is already used for more than 10 thousands of ad campaigns, which contain more than 4 million keywords, and bids are refreshed more than 1 million per day.
Garpun’s customers are large and medium businesses that spend at least $20,000 per month on paid search campaigns across major search engines in Russia. The founders aim for a significant share of Russian online advertising market and global expansion in the short run. Russia is one of the world’s fastest growing market and has a huge demand for professional online ad management tools. According to the Russian communication agencies association AKAR, online ad market has grown by 35% in 2012.
In 2012 iTech Capital placed $10 million in another online marketing platform SeoPult, a company offering Internet marketing tools to small online businesses, to assist its s expansion in Europe and Southeast Asia.
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