Latest AddVenture News
Jul 13, 2021
By East-West Digital News / July 13, 2021 July 13, 2021 Wowworks, a Moscow-based startup providing corporate clients with a variety of maintenance services, has raised $3.6 million from three VCs: AddVenture , one of the most established VC firms with Russian roots; DV Capital , a recently-founded, Moscow-based VC firm; and LVL1 , a vehicle of Russian-Israeli tech investor Lev Leviev. Back in 2017, the startup already secured $1 million from Addventure. Founded in 2015, Wowworks facilitates the hiring of independent contractors to carry out minor repairs, clean rooms, repair and configure office equipment, etc. Some 300 types of services are available, with a sophisticated software platform connecting customers to contractors. Service quality is “guaranteed,” with a Wowworks supervisor “fully controlling the process of completing the task,” i.e. “monitoring the quality and timing of the work, including the procurement of materials.” Savings can reach “up to 40% as all job prices are agreed and fixed in advance.” Born in Russia, the company now operates across several countries including Belarus, Germany and Austria, Poland, Germany and the UK. The company claims to have built “a nationwide network of 40,000 independent contractors” in this country. Wowworks aims to assert itself as a major global player. The company will use the proceeds from the latest round to enter the markets of India and Southeast Asia. In 2020, according to official company register data, Wowworks’ Russian business generated 224.8 million rubles in turnover ($3.1 million at the average exchange rate of the year) with losses amounting to 39.8 million rubles (around $550,000). The startup’s total turnover last year jumped to $7 million (up 10 times in one year), with contractors receiving 67% of this amount.
4 Team Members
AddVenture has 4 team members, including current Managing Partner, Sergey Karpov.