Navigine raises USD 900,000 to fuel its international expansion in location based services and advertising markets
The market for indoor positioning systems and location-based services related to advertising is developing rapidly. Navigine is the market leader in Russia, and has a growing international customer base. The funding round will enable the company to further accelerate its ambitious growth initiatives, primarily in US and European markets.
Innovestor first invested in Navigine in 2016. “We are impressed by the results Navigine’s founders and team have demonstrated over the last year. The company has developed a competitive technology, and displayed consistent progress in its commercialization”, explains Wilhelm Lindholm, Partner, Chief Investment Officer in Innovestor.
Navigine is present in three global hubs with HQ in NYC, sales office in Berlin and R&D center in Moscow. The company is also a participant in Skolkovo Innovation Center’s IT cluster in Moscow. As of July 2017, solutions powered by Navigine platform are implemented in over 500 locations across 20 countries worldwide. The latest platform product developed by the company is an online-to-offline marketing and analytics tool that enable marketers to target advertising based on a highly precise customer location data. The tool provides an advanced tracking of in-store conversion and collection of customer segments according to their needs identified in the offline world.