InVenture Partners has led a $1 million Series A funding round in CrowdSystems, which develops retail analytics based on crowdsourcing techniques. CrowdSystems previously raised seed financing from the Moscow Seed Fund.
CrowdSystems, the developer of retail analytics tools based on crowdsourcing techniques, today announced that it has raised $1M А round of venture capital financing led by InVenture Partners.
CrowdSystems provides retail companies and brands with retail audit and consumer research tools, which use crowdsourcing methods to collect the data. Any smartphone user can join its TopMission platform, start to perform simple tasks and get paid by retail companies. Tasks could vary from inspecting merchandising activities to evaluating the ad campaigns or assessing the quality of store personnel.
The cash raised in round A of financing will be used for further development of the platform as well as for broadening the range of tools for data mining. Previously CrowdSystems raised seed financing from Moscow Seed Fund.
“Quantitative analytics in retail are currently powered mostly by BTL and research agencies. Their approach cannot guarantee information accuracy and requires significant time for implementation on the country level. Meanwhile CrowdSystems is able to collect required data just in a few days after the audit starts and provides clients with detailed information supported by photo proofs”, – notes Dmitry Bezyzvestnyh, CrowdSystems co-founder and CEO.
TopMission allows clients not only to control the investment in sales promotion, but also to adjust activities according to changing conditions. The platform was developed in 2013 and currently works with Colgate-Palmolive, Svyaznoy, RedBull and other FMCG brands.
TopMission app has been installed by 100 000 users, who has carried out over 90 000 tasks. Over 50 projects in 450 cities have been performed over 2013. On the international market, Quri.com provides the same service to retailers.
“According to CrowdSystems, in Russia only 30% of planned sales promotion activities are actually performed, compared to 50% on the U.S. market. At the same time, retailers and brands are sure that their plans are implemented by 80%. – Says Sergey Azatyan, InVenture Partners cofounder and managing partner. – We are confident that CrowdSystems has all chances to become a new industry standard and to accelerate the growth of retail audit market. Using its tools, brands and retailers can get required information and assess any marketing or promo activities on a country level”.
CrowdSystems (TopMission brand) develops mobile and analytical platform, which allows retailers and brands to conduct retail audit and consumer market research. It crowdsources data from smartphone users – anyone can start performing tasks such as evaluating the display of goods, reflecting to ad campaigns etc. For extra information please check out the websites www.crowdsystems.ru и www.topmission.ru
About InVenture Partners:
InVenture Partners is an innovative investment fund focused on funding the disruptive consumer technology startups.
Founded in 2012 by Sergey Azatyan and Anton Inshutin, InVenture Partners started with $100M capital. Fund looks for teams with a novel approach to business models based on disruptive technologies. Supported businesses are able to change the face of economy, to solve real problems of people’s lives and to increase the transparency of market. InVenture Partners backs a wide range of ventures across technology industry with an emphasis on consumer technologies, financial and telecom products, online marketing and ads, tourism and corporate services.
Fund’s portfolio currently includes the taxi booking service GetTaxi, virtual mobile network Fogg, travel agency OnlineTours, online ad agency GetGoing, mobile payments service 2Can, education platform Netology.