Moscow-based Brandquad raises 2.5 million euros from Skolkovo Ventures (1.5 million euros) and BPI France (1 million euros) to expand its international presence and open a research and development center.
The raised funds were provided in the form of a convertible loan and a soft loan. According to Forbes, 62% of the raised funds will be used to develop marketing and sales of Brandquad products in the markets of Europe, the Middle East and the USA. The rest of the funds will be used to develop the company’s products. For this purpose the company will establish a research and development center in Lille (France).
The startup raised funds from investors in previous years: $28,750 (2.1 million rubles) in the pre-seed round from IIDF in 2016, another $205,350 (15 million rubles) from IIDF in 2017, and $2.5 million (187 million rubles) from IIDF and other investors in 2018.