Intel’s investment arm, Intel Capital, has made ‘multi-million’ investments in two major Russian websites.
In a press release [PDF], Intel Capital revealed that it has led a round of investment in location based service provider Altergeo and e-commerce platform Sapato.ru.
Altergeo, according to Intel, provides geo-location based social networking platform which is powered by a location identification technology. The company plans to use the funds to come up with more innovative features, increase its user base and build a consumer acquisition platform.
Meanwhile, Sapato.ru is an online store that sells branded shoes. The online retailer has become a popular platform, offering more than 200 brands and 5700 shoe models. This is the first investment by Intel Capital in Russia’s fast emerging e-commerce sector.
“Innovation has been central to Russia’s development over the last few years. Our investments in these companies are proof of our continued commitment to the region and to supporting its entrepreneurial talent,” Arvind Sodhani, president of Intel Capital, said in a statement.
“Our support for these companies will give them access to global resources, knowledge and expertise to help drive their own growth and success.” he added.