Russian financial group Finam has invested an undisclosed amount to exercise its option and increase its stake from 10% to 20% in global social networking site Badoo. In January 2008, Finam said it would make a $30 million investment in the site.
Founded in 2006, Badoo has over 48 million users worldwide. The users come mostly from Western Europe and Latin America. Badoo reached operating profitability in Q3 2009. The site generates most of its revenues from micro-payments for premium services, reported Vedomosti. Badoo was launched in London by Russian software developer Alexey Andreev, founder of most popular Russian online dating platform Mamba, the newspaper said. In 2005, Finam acquired a 68.5% majority stake in Mamba from the founder.
Finam made an investment in Badoo out of its fund Finam – Information Technologies.