Kyiv delivery service OVO raises $150,000 from local investors

Earlier this week OVO, a Kyiv-based fruit and vegetable delivery service, received $150,000, a non-negligible amount by local standards. The funding was brought by Ukrainian investment firm TA Ventures and private investor club IClub.

Launched during the lockdown in the spring of last year, the startup already generates some $110,000 in monthly turnover, according to Oleg Malenkov of TA Ventures.

The founders, Roman Melkumov and Stepan Ziniakov, initially invested just $55 to create their MVP. Now the company has 30 employees, processing more than 100 daily orders with an average bill of $35.

This is the second investment round raised by OVO. In July 2020, it attracted an undisclosed amount from Fedoriv Group, a local marketing agency.

OVO plans to attract another financing round in a matter of weeks, aiming to assert its leadership on the fruit and vegetable delivery market. Under plans, delivery time will be decreased from one day to one hour, and five warehouses will be opened in Kyiv by the end of 2021.

Sources: Kyiv Post, Vector

Topics: Delivery, E-commerce, Finance, Kyiv, News, Regions, Startups, Venture/Private equity
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