ABM Cloud raises $640,000 from new Ukrainian VC firm

ABM Cloud, a Ukrainian-Russian developer of cloud-based business solutions, has raised a $640,000 Series A round from a newly-founded Ukrainian VC firm QPDigital. The news was reported to AIN.UA, based on an exchange with QPDigital’s press service.

The fresh funding will be used to develop further the product and support international expansion.

Founded in 2013 by Andrew Maximov, Alexey Medvedev, Evgenia Medvedeva and Boris Starinsky, ABM Cloud has offices in Russia, Ukraine, Kazakhstan and Estonia. It claims it was “the first company in the CIS [former Soviet Union] to automate the supply chain entirely.” The company’s cloud-based solutions are intended for retailers, wholesale, and distributors. The flagship product, ‘ABM Inventory,’ is an automated inventory management system.

The startup claims about 350 customers in Ukraine, Russia, Kazakhstan, Belarus, Azerbaijan, Georgia, Hungary, Bulgaria, Myanmar, Indonesia and the UAE. Among its Ukrainian customers are Novus, Nasha Riaba, WOG, Epicenter, Citrus, and others.

QPDigital announced its launch in early December as a new branch of the Quarter Partners investment company. The firm intends to invest up to $100 million in Ukrainian and Ukrainian-founded startups.

Update Feb. 17, 2021: As reported by AIN.UA, QPDigital has provided an additional injection to ABM Cloud. The amount has not been disclosed.

Topics: Finance, International, Software, Startups, Venture/Private equity
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