Russians Invest $30m in Social Network Badoo

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Russians Invest $30m in Social Network Badoo

Nick Wilsdon · January 22nd, 2008

Badoo Yakov Sadchikov, CEO of Quintura, reports that the Russian group Finam has invested $30m US for a 10% share in social site Badoo.

The funds are to bring the site over to Russia, where social applications have grown strongly over the last year. There are now an estimated 10 million users in the Russian social market.

Finam made an investment in Badoo out of its fund Finam – Information Technologies. Back in 2005, Finam bought-out a 68.5% stake in Mamba, a leading online dating community in Russia with over 9 million registered accounts, which is rumored to share the same technical founders with Badoo.

About the Author:
Nick Wilsdon is a marketing specialist at E3internet; an SEM agency working in the Russian and East European markets. You can contact him through this form, LinkedIN or you may follow him on Twitter.