YouDo.com, a Russian online marketplace for local contractors, has closed a Series C funding round worth $6.2 million to begin its expansion across Europe and internationally.
The round was led by Sistema Venture Capital with participation from existing investors Sergey Solonin (Qiwi CEO), Flint Capital, and United Capital Partners.
According to the Moscow-based startup, it has capitalised on the growth of the “marketplace economy” in its native Russia and is now targeting growth in Europe as well as plans for the US and Asia.
YouDo.com is eyeing up the UK, Poland, Germany, and Spain as its next European markets, Alexey Gidirim, cofounder of YouDo.com told tech.eu, with English-speaking Asian countries and the US to follow.
“The new round of funding will allow us to test new ideas, and launch services over the next 12 months, in several major cities that represent key markets outside of Russia,” he said.
The marketplace is free for users. The company is monetising through a pay-per-introduction model with contractors who pay YouDo.com to get connected with a customer base.
YouDo.com was founded in 2012 and previously raised a $1 million Series A from Flint Capital in 2013 followed by an undisclosed amount in a Series B round from Flint Capital once again along with United Capital Partners and Sergey Solonin.
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