Baring Vostok invests $13 Million in marketing automation platform Mindbox

Mindbox, Russia’s leading marketing automation platform, today announces a $13 million investment from Baring Vostok. The company plans to use the funds to launch new products and develop existing ones, as well as for M&A. As a result of the transaction, Baring Vostok has become a minority shareholder of Mindbox, and Mindbox employees have been allocated a new option pool.

Mindbox is an integrated cloud-based marketing automation platform. With Mindbox, companies can set up impactful, non-intrusive and helpful customer communications — from SMS blasts and email newsletters to loyalty programs and website personalization. On average, clients who integrate the Mindbox platform benefit from a 10% increase in revenue.

Mindbox’s clients include more than 500 companies in the retail, e-commerce, PropTech, EduTech and other sectors. The portfolio includes brands such as Dodo Pizza, Burger King, L’Oréal, United Colors of Benetton, 12storeez, Panasonic, OKKO, Perekrestok, PIK, CIAN, Charity foundation Podari Zhizn (Gift of Life), the Boris Yeltsin Presidential Center and many others.

This investment will strengthen our position in three areas: product, partners and team,” said Alexander Gornik, CEO and co-founder of Mindbox. “First and foremost, it will enable us to double our engineering department and accelerate product development. Secondly, Baring Vostok’s expertise will give Mindbox the opportunity to scale up its successful investment and M&A experience by considering more and larger deals. We have previously invested in Letteros and Popmechanic, two MarTech services that have created additional value for our clients. We expect to increase the number of such mutually beneficial partnerships. To motivate the team to achieve our long-term goals and to attract the best talent in the market, we have allocated an option pool totalling more than 8%. At the same time, Mindbox will retain its autonomous management culture and transparent salary structure, since we as the founders will retain operational control of the company. All of this will increase customer satisfaction and drive Mindbox to become more attractive to more companies and organizations. This means that companies can make their marketing more efficient and more impactful for end customers.”

I am pleased that Mindbox is entering a new and ‘grown-up’ phase of growth together with Baring Vostok,” said Mindbox founder and Chief Business Development Officer Ivan Borovikov. “The process of formulating ambitious goals and finding a professional partner who would support our ambitions on the way forward without having to change our culture or management has taken several years. But it was definitely worth it. We are pleased that OKS Group and our other current partners believe in our strategy and plan to remain as our shareholders.”

We are delighted that Baring Vostok has become an investor in Mindbox,” said Matvey Vinokurov, Investment Director at Baring Vostok. “The company’s founders, Ivan Borovikov and Alexander Gornik, have not only created a successful and growing business, but have also assembled a unique team of professionals who help Mindbox’s clients better understand their customers and communicate with them effectively. Mindbox’s USP is the team’s constant focus on evolving the services the company offers, and this is changing the entire marketing automation market in Russia. The company is already one of Russia’s 10 largest B2B SaaS providers, and Mindbox’s leadership in its segment and double-digit growth rates just confirm that the company has adopted the right business strategy.

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