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Cloud business app creator Mango gets $10m from Intel Capital

0 11 February 2014

Intel Capital has confirmed a $10 million investment in Mango Telecom, a Russian project that offers a range of cloud-based business applications. 

Mango’s services include a Customer Relations Management (CRM) system and a calls processing centre. Between 2011 and 2013 its turnover increased almost threefold, to more than $25 million. The company has more than 200,000 users, including 30,000 organisations, and it employs 300 staff across its nine offices.

The funds will be spent on developing the company’s infrastructure to facilitate expansion into the European market.

Yuri Zigulya, President - Mango Telecom

“Cloud services are easy to scale and they free clients from the need to acquire and maintain software apparatus. The company is planning to extend its services within Russia and also enter the European market.”

Maksim Krasnikh, Russia and CIS Director - Intel Capital

“Mango Telecom has become one of the most important Russian companies in the SaaS sector and it has great potential to grow much bigger. We look forward to a fruitful partnership”.

Intel Capital is a global investment fund belonging to tech giant Intel which invests in a wide range of projects connected to computing - including software, web services and semi-conductors. In 2013 the fund made 146 investments worldwide totaling $333 million. In July 2013 the fund marked 10 years on the Russian venture market. During that time it invested in 13 projects, including Ozon, Parallels and Yandex. Last year it was named "Corporate Fund of the Year" at the Russian Venture Awards

Top image via Shutterstock

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