Sup to get $5 mln investment by year's end

translator — Wed, 20 Dec 2006 17:24:06 +0300

By the end of this year investors will channel $5 million into the company Sup (pronounced "soup"), which specializes in social media in Russian segment of the Internet. Sup CEO Andrew Paulson believes the company's value will reach ten times this amount by this time. The key Sup investor Aleksandr Mamut has not set spending limitis for SUP to acquire assets, so money is not the main factor in Paulson's decisions to buy new projects. Sup plans to create a network of new websites so that users could use a single login and password to enter the bunch of services. Sup also plans to buy an advertising agency as the company is too tied up to create one of its own from scratch.

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Sup to get $5 mln investment by year's end