iTech Capital

iTech Capital is a venture capital firm founded in 2010 and based in Riga, Latvia, that focuses on investing in high-growth internet-based businesses. The firm manages two funds, which target globally scalable technology companies, particularly at the Series A stage and beyond. iTech Capital has a diverse portfolio that includes successful investments in sectors such as fintech, ad tech, crypto tech, online travel and ticketing, e-commerce, big data, SaaS, and legal tech. With a track record of seven successful exits, including two unicorns, the firm is recognized for its strategic approach to investment in emerging technology markets.

Gleb Davidyuk

Managing Partner

Daniil Grizenkov

Investment Analyst

19 past transactions

Aviasales

Series B in 2021
Aviasales is a prominent travel metasearch company operating primarily in Eastern Europe and Central Asia. Established in 2007, it provides a platform for users to search for affordable air tickets, hotel accommodations, and car rentals. The company's services allow customers to compare prices from various online travel agencies, simplifying the booking process for flights and holiday accommodations. In 2021, Aviasales reported a gross merchandise value exceeding $1.6 billion and captured nearly 20% of the air ticket sales market in Russia. The company has also developed a B2B travel technology segment that includes Travelpayouts, a partnership platform, and Aviastats, which offers revenue optimization data for airlines. With a workforce of around 500 employees based in Thailand and Russia, Aviasales continues to enhance its offerings in the travel sector.

BitFury

Venture Round in 2018
BitFury is a prominent full-service blockchain technology company and a major private infrastructure provider within the blockchain ecosystem. It specializes in developing and delivering comprehensive software and hardware solutions that enable businesses, governments, organizations, and individuals to securely transfer assets across the blockchain. The company's offerings include custom semiconductor chips and mobile data centers, which enhance security and infrastructure through a private blockchain network, ensuring that transactions are protected and efficient. BitFury's focus on advancing blockchain technology positions it as a key player in the ongoing evolution of digital asset management and security.

Amulex

Series A in 2018
Amulex offers legal assistance to individuals and corporate clients.

TradingView

Series A in 2015
TradingView, Inc. operates an online platform designed for traders and investors, blending advanced charting tools with a vibrant community for user interaction. Founded in 2011 and based in Westerville, Ohio, the company provides a range of services including real-time market data, web-based analytics, and trading software. Users can publish ideas, access intermarket analysis, and utilize brokerage integration services. TradingView also features tools for cryptocurrency signal finding, advanced chart widgets, and screening capabilities. With over 15 million monthly active users and a network that includes more than 40,000 publishers and brokerages, the platform fosters collaboration and learning among traders. The company has experienced significant growth and investment, enhancing its mission to empower individual investors with comprehensive resources and insights.

BitFury

Series C in 2015
BitFury is a prominent full-service blockchain technology company and a major private infrastructure provider within the blockchain ecosystem. It specializes in developing and delivering comprehensive software and hardware solutions that enable businesses, governments, organizations, and individuals to securely transfer assets across the blockchain. The company's offerings include custom semiconductor chips and mobile data centers, which enhance security and infrastructure through a private blockchain network, ensuring that transactions are protected and efficient. BitFury's focus on advancing blockchain technology positions it as a key player in the ongoing evolution of digital asset management and security.

Clickky

Series A in 2015
Clickky is a full-stack platform for mobile advertisers and publishers. Founded in 2010, with 5 offices worldwide and 40+ employees, the company is setting high standards for mobile advertising. Clickky offers both programmatic and performance solutions, while currently focusing on the development of its own SSP and RTB Marketplace. Clickky provides products both for monetization and user acquisition, including an API solution AdExchange, which the company operates since 2015, and remnant traffic monetization tool Smartlink. In 2016, Clickky launched a programmatic monetization platform for publishers as well as a self-serve platform for mobile advertisers, helping ad networks and app developers launch mobile ad campaigns in 5 minutes.

Ecwid

Series B in 2014
Ecwid, Inc. is an e-commerce platform that enables small businesses to create and manage online stores seamlessly integrated into their existing websites, social media, and marketplaces. Founded in 2009 and based in Ulyanovsk, Russia, Ecwid provides a user-friendly dashboard for centralized inventory, order management, and pricing. Its solutions allow merchants to unify their offline and online sales through point-of-sale integration, enabling sales from various devices at any location. The platform supports rapid establishment of digital storefronts, allowing users to start selling within hours. Additionally, Ecwid offers access to major marketplaces like Amazon and Google, as well as advertising capabilities on social media channels such as Instagram and Facebook, making it easier for small businesses to reach their customers effectively.

MFMSolutions

Series A in 2014
MFMSolutions is a telecommunications operator that provides SMS services to financial organizations, including banks, insurance companies, and asset management companies. Its keys services are categorized as SMS-banking, SMS for insurance companies, SMS for money transfer systems, and SMS for Unit Investment Funds (PIFs). The company also offers additional services such as monitoring, delivery rules profile for different message types, sending messages on the schedule, and providing access to online statistics and detailed reports. Among MFMSolutions’ customers are 40 banks of various sizes. MFMSolutions was founded in 2005 and is based in Moscow, Russia.

Aviasales

Series A in 2014
Aviasales is a prominent travel metasearch company operating primarily in Eastern Europe and Central Asia. Established in 2007, it provides a platform for users to search for affordable air tickets, hotel accommodations, and car rentals. The company's services allow customers to compare prices from various online travel agencies, simplifying the booking process for flights and holiday accommodations. In 2021, Aviasales reported a gross merchandise value exceeding $1.6 billion and captured nearly 20% of the air ticket sales market in Russia. The company has also developed a B2B travel technology segment that includes Travelpayouts, a partnership platform, and Aviastats, which offers revenue optimization data for airlines. With a workforce of around 500 employees based in Thailand and Russia, Aviasales continues to enhance its offerings in the travel sector.

Ticketland

Series A in 2013
Ticketland controls three important services in the Russian events market. United Art Tickets, which operates Ticketland.ru, is a major provider of tickets for concerts, theatre, shows and sports events, while it also offers ERP and e-ticketing services for venues. Ticketland also runs MDTZK, the oldest and largest ticket retail chain in Moscow with 130 outlets, and Arena Group, which processes tickets for sporting events. In total more than 400 people are on Ticketland’s staff.

icontext

Series B in 2013
iConText is a leading company in contextual advertising within the Russian internet sector, employing over 100 professionals. It serves a diverse client base of more than 650 customers, including major brands like UniCredit Bank, AVITO, and TUI. The company specializes in online marketing management through its exclusive expertise in Adobe AdLens, a prominent platform in the field. iConText partners with various contextual advertising platforms such as Yandex, Google AdWords, and social media networks including VKontakte and Facebook. Its service offerings encompass business process audits, competitive market analysis, the creation of promotional materials, and marketing automation. Additionally, iConText focuses on measuring the effectiveness of advertising campaigns, with staff certified in Google Analytics and recognized by industry standards. Through these comprehensive services, iConText aims to enhance both online and offline sales for its clients.

Love Time

Series A in 2013
Dating Service

Garpun

Series A in 2013
Garpun is an online advertising management platform that provides digital agencies and corporate advertisers with essential tools for professional ad management. It specializes in managing paid search advertising campaigns across major platforms, including Google Adwords and notable Russian websites like Yandex.Direct and Vk.com. Drawing on 15 years of expertise from the top-five Russian online agency RealWeb, Garpun's software has been utilized in over 10,000 ad campaigns, encompassing more than 4 million keywords. The platform is designed to enhance the effectiveness of advertising campaigns by offering various bid management strategies, with bids refreshed over 1 million times daily to ensure optimal positioning of promotional offers.

RealWeb

Series A in 2013
RealWeb is an agency that specializes in selling advertising campaigns and promotion strategies for small businesses.

PromoPult

Series A in 2012
PromoPult, launched in 2008, is a prominent automated search engine marketing and SEO company based in Russia. It has expanded internationally, establishing a presence in Europe and Southeast Asia. The company offers a proprietary software platform that automates various aspects of online marketing, including SEO, paid search, and contextual advertising campaigns. This user-friendly platform allows businesses to effectively manage their online marketing efforts without requiring specialized digital marketing skills. By enhancing the visibility of websites in search engines, PromoPult enables businesses to attract more consumers. The company currently holds a significant share of the Russian automated digital advertising market and is part of the Pult Group, which encompasses various digital marketing-related entities and initiatives.

QIWI Post

Series A in 2012
QIWI Post operates a network of automated delivery terminals in Russia, providing a convenient solution for customers of online stores to collect and pay for their orders. These terminals are strategically located throughout Moscow and the Moscow region, making them easily accessible for buyers. Available 24/7, QIWI Post Terminals allow users to pick up their orders by entering a mobile phone number and a secret code received via SMS. The process is designed to be straightforward; customers can select QIWI Post as their delivery option when ordering online, and upon arrival of their package at a sorting center, they receive notifications guiding them through the pickup process. This service not only simplifies the collection of online purchases but also facilitates payments directly at the terminals, enhancing the overall experience for both consumers and distance selling businesses.

The Battle of Brands

Venture Round in 2011
The Battle of Brands collects information about users’ preferences through play fights between different brands or types of products types of products, such as sushi vs. pancakes or olive oil vs. sunflower oil, for example. Created in just 24 hours on March 9, the site attracted more than 300,000 users in its first week and now attracts 700,000 users every month.

Giftofoni

Venture Round in 2011
Real gift application
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