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Retail intelligence startup CrowdSystems raises $1m from InVenture

0 16 May 2014

Retail intelligence startup CrowdSystems has raised a $1 million Series A round led by InVenture Partners

The company uses its app, TopMission, to carry out retail audits and consumer research via crowdsourcing. It claims to be able to gather and process trade information from across Russia in a matter of days. This allows its clients to monitor whether their promotional campaigns are actually being carried out by local retailers/franchises and also assess their effectiveness. 

TopMission has been downloaded by more than 100,000 users, who have filled out around 90,000 surveys. In its first year CrowdSystems completed more than 50 projects with participants from more that 450 Russian cities. 26 of these projects covered all of Russia. 

Since its launch in 2013 CrowdSystems’ platform has been used by major brands including Colgate-Palmolive, Svyaznoy and RedBull.  

The investment will be spent on developing the company’s technology and expanding and improving its analytical tools. 

Sergey Azatyan, Managing Partner at InVenture, believes that CrowdSystems is in a great position to take advantage of an under-exploited niche in Russia. 

“According to CrowdSystems’ data, in Russia just 30% of sales-promotion initiatives are actually carried out, compared to 50% in the US (data from Quri.com, a US analogue of CrowdSystems). However, the brands themselves, both in Russia and the US believe this figure to be no less than 80%. CrowdSystems has every chance of setting the standard in the retail-audit sector. Thanks to its platform, retailers and brands can obtain analytical information and assess any marketing or promotional campaign’s effectiveness across the whole of Russia.”

InVentures’ portfolio also includes taxi-ordering service GetTaxi, online travel agencies OnlineTours and GetGoing, mobile acquiring service 2Can, educational platform Netologiya and Fogg, a virtual mobile network for data exchange. 

CrowdSystems previously raised $300,000 from the Moscow Seed Fund

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