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Russian Flocktory announces $1,5 million (1,15 million euro) Series A round with Digital Venture Partners. When we last heard from them in March, their service was still in beta. Now Ilja Eisen, who co-founded the company with Dmitry Matskevich and Simon Proekt, tells us that they have managed to attract more than 200 Russian e-commerce clients and have driven more than 600,000 social-media referrals which have resulted in measurable sales for their clients. According to the company, the new funding will be directed towards further developing the product and expanding their current team.
Flocktory has developed an SaaS B2B platform which helps drive sales through social-media recommendations. The service allows businesses to create a script within a few minutes and to then offer it to customers at check-out. Customers can then earn rewards and discounts by sharing the brand with their friends. One bit of information which we did not have available when we covered them the first time is their pricing model. At the low end, the package for small businesses (up to 300 sales through referrals) goes for about 26 euro per month. For businesses which obtain 3,000-17,000 sales through referrals, Flocktory offers a package for approximately 600 euro per month. They do offer a package for even larger businesses, but the price is negotiable.
Flocktory was previously the runner-up and winner of 10,000 Euro at the IDCEE 2012 startup competition, is listed as a participant in the Russian government-backed, and recently participated in this year’s Russian TechTour. In terms of competition, they are up against services like United States-based 500friends. One of the main advantages that Flocktory holds is that, as a Russian company, they are probably better positioned to develop connections with Russian online retailers and have thus far devoted themselves to dominating the domestic market. Notable Russian customers for Flocktory include Svyaznoy, S7 Airlines, Lamoda, Oktogo, Shoptime, Groupon, and Mebelrama.
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