TA Ventures, a major venture fund based in Ukraine but operating globally, has just announced a $1 million investment in local startup eTachki. TA Ventures was the sole investor in the round.
Based in Kyiv (Kiev), eTachki is the first online auction for used cars in Ukraine. After assessement in the company’s offices, cars can be sold “in just 30 minutes” through the auctions. eTachki takes care of the documents while the seller gets the money immediately.
Two years after its launch by Oleg Skripnichenko and Sergii Orlov, two entrepreneurs who had previoulsy been involved in leading e-commerce site ModnaKasta, eTachki has already opened 30 offices in 23 Ukrainian cities and served more than 40,000 car owners.
The startup had never raised investor money before this round, TA Ventures’ press service told Ukraine Digital News.
“The startup has all it needs to succeed: a model that has been proven across the world; experienced founders; and, of course, strong consumers interest in used cars as a result of the economic slump,” stated TA Ventures founder Viktoriya Tigipko.
“Most importantly, eTachki enables car owners to sell their car without any risks, in contrast with traditional channels,” she added.
The funding from TA Ventures will help eTachki develop further its IT platform, which Skripnichenko believes provides the company with a strong distinctive advantage on the market.
eTachki will aslo use the funding to expand geographically.
Since 2010, TA Ventures has invested in no fewer than 97 companies in Ukraine, Europe, the USA as well as in emerging markets like India, Brazil and African countries.
Earlier this year, the fund took part in a €5.5 million capital injection for data Artisans, a Berlin-based startup developing “the next-generation large-scale data analysis technology.”