Ukraine-founded startup Revenue Grid has attracted $20 million from U.S. investment firm W3 Capital and Ukrainian fund ICU Ventures, bringing its total value to nearly $70 million, according to Forbes Ukraine.
The company wants to use this money to expand to new markets and hire more tech specialists in Ukraine and the U.S., where it is based. As of today, Revenue Grid employs 170 techies, most of whom work in Ukraine.
The startup’s revenue exceeded $10 million last year thanks to its platform, the company’s CEO Vlad Voskresensky said on Sept. 3.
Revenue Grid has developed a platform that helps its clients to sell products and services online more efficiently. For example, its algorithms analyze online sales and suggest how sales specialists could work faster and increase the company’s profit, for a subscription worth less than $100 a month.
“Revenue Grid has already developed the solutions that the market is just now starting to look for,” said Steve Wadsworth, the partner at W3 Capital, one of the companies that invested in the startup.
The startup has worked with over 1,200 clients directly and helped nearly 20,000 businesses that used Revenue Grid through its partners — Oracle, Salesforce and Microsoft. Revenue Grid works with big names, including Hilton, Western Union, Moodyʼs, Trip Advisor, Lufthansa and the Red Cross.
Revenue Grid said that its competitive advantage is the use of the artificial intelligence that learns how businesses work and helps them to improve and assess risks. Surveys said that nearly 75% of sales specialists from the most profitable companies around the world use algorithms helping them to sell better.
The startup has had two investment rounds, raising $1.5 million from Russian fund ABRT and Estonian Martinson Trigon Venture Partners in 2006 and $20 million from W3 Capital and ICU Ventures this year.
ICU Ventures has already invested nearly $25 million in 20 companies, but Revenue Grid is its biggest investment to date, according to the company.
Investors did not reveal how many shares they bought. Voskresensky is reluctant to disclose the company’s market capitalization but hopes for it to reach $1 billion some day.
“We’re not a unicorn yet,” he said. “But we’re on our way to become one.”
