YouScan’s was one of the first startups that Openfund invested in, focusing on social media monitoring service for brand owners specifically offered in the Russian and Ukrainian languages. Today we are announcing our exit from the company.
Thinking of YouScan takes us to the first days of Openfund. Α whole 6 years down the memory lane, we held demo days, invest just €20-30k and return feedback to founders in Times New Roman font. Things have changed greatly.
Looking at our backlog, early reviews praised YouScan for a well rounded team of development and sales, a clear undestanding of the market and a simple, easy to communicate, product. The only complicated term being thrown around was SaaS, which later became one of the business models that, we at Openfund, became very fond of.
Fast forward to 2015, the Kiev based team led by Alexey Orap, becomes the lead monitoring provider in the space which is comprised of Cyrillic based languages. Following the launch of LeadScanner, an entirely new product that creates sales leads, Yell, a major online directory service in Russia, took notice and grabbed a majority stake in the company. As part of the $1M financing round, past investors were allowed to exit while at the same time received great returns on their initial investment.
Alexey Orap, the CEO shared:
“Openfund was the first investor that took the leap of faith to invest in a different country and has added considerable value in terms of business development. We still perceive them as friends and some of the most experienced early stage investors in the region”.
Photo taken from one of YouScan legendary team bonding trips.