The Russian online footwear store Sapato.ru has raised $5 million in second funding round from German Otto Group-backed eVenture Capital Partners, Investment AB Kinnevik of Sweden and Direct Group of Pascal Clement. The new funds will be used to increase assortment of the online shoe store and imrove customer service.
Launched in June 2010, Sapato.ru offers more than 3,000 shoe models from over 100 of brands. That number shall increase to over 10,000 models next year. The Russian footwear market is valued at $15 billion. The online shopping for shoes is still inmature in Russia, which is where Sapato.ru is set to become market leader.
Sapato.ru, which was incubated by Fast Lane Ventures, is headed by CEO Matthieu Lannegrand. Previously, Matthieu was Commercial and Marketing Director at Viadeo, France-headquartered social network for business professionals.
The deal marks the second investment by Sweden Kinnevik in Russian internet and e-commerce in 2010. eVenture Capital previously invested in Russian Groupon-like service Darberry (now Groupon Russia) and Ukrainian online maping service Mapia.ua.