Idinaidi.ru, which has been running in beta testing since mid-December, has announced that it has secured venture finance within a week of opening the financing. The financing was oversubscribed, and was taken by the original investor Sorren Media, together with Camco Private Equity Group, a major international investment firm. The site will be officially launched at the end of this month.
Russia is the largest and fastest growing European internet market having overtaken Germany last year, and is forcast to pass 100 million users in 2015. Russia is also the largest housing market with more transactions than the UK and France combined.
“Idinaidi is the product of 2 years research and development involving over 900 people in 38 cities throughout Russia, and is the first site designed from the start as a national mass-market site,'”says Stephen Inscoe, Founder and CEO of Idinaidi.ru, who started working in real estate in Russia in 1998 for International Developer HRO Group.
“Real estate is always about finding listings and connecting Professionals and Clients, and we have built the first comprehensive national tool to do this in Russia,” says Carlo Walther, COO of Idinaidi.ru, who worked for 5 years at UK market leader Rightmove, before moving to Russia 3 years ago. “Until now real estate sites have been Moscow focused, however 85% of transactions are now outside the capital.”
Idinaidi.ru is working closely with the leading Banks as the Russian mortgage market explodes from base of only 3% of GDP compared with 60% in Europe. A team of over 200 researchers moderates the listings in the region, and Idinaidi.ru expects to have over 200,000 verified listings and 80,000 unique users per day before the end of this year.