Troika Capital Partners, which manages three Russian regional venture funds with total equity capital of $50 million, invested $4 million in iiko, a restaurant ERP software company, announced Artem Yukhin, Director of Troika’s regional fund in the Republic of Tatarstan.
David Yan, founder of document recognition software vendor ABBYY, started iiko together with his partner Maxim Nalski in August 2005 after David had opened his first restaurant FAQ – Cafe in Moscow. The restaurant then became the first customer of iiko.
iiko aims to reach 50% of Russia restaurant ERP market by 2012 targeting mostly newly-opened chains. The Russian restaurant ERP software market leader UCS, which markets R-Keeper software, holds some 80% of the market.
iiko‘s first major customer was Novikov Group that manages 28 restaurants in Moscow (including glamorous GQ Bar). The group started using iiko discount card software system in its chain from 2007. The other major iiko’s customer that was announced in April 2008 was the Russian franchisee of Sbarro and owner of several Italian and Eastern-food restaurants in Russia.