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Russian venture fund iTech Capital has just announced its $10 million investment in an SMS marketing technology company MFMSolutions.
SMS marketing in Russia is big. MFMSolutions is one of the largest players in the bulk SMS market. It develops SMS marketing technology, provides system integration and also offers telco services. According to the iTech Capital, MFMSolutions has 40% market share in Russia.
Its technology enables telco customers send high volume of text messages: up to 10,000 per second or 25 billion per month. This is more that the market demand – at the moment the bulk SMS market in Russia is up to 5 billion messages and continues to grow thanks primarily due to the banking services.
The clients include banks, insurance companies, online and offline retailers as well as government, which use SMS campaigns for information alerts, banking transactions or online purchases. The system also offers extensive analytics, according to Ilya Balandin, the investment manager of iTech Capital.
Considering that iTech Capital has also backed the largest ticket distribution company as well as a advertising businesses, the SMS marketing technology will certainly come in handy.
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