Intel Provides Financing for Two Russian Internet Firms

U.S. chipmaker Intel has made "multi-million" investments in two online companies in Russia. One is AlterGeo, a social networking firm, the other is Russian online shoe retailer Sapato.ru.

Financial details of the two transactions were not disclosed. Last year, Intel invested a total of $327 million in 119 deals.

AlterGeo, which provides location-based services for more than 700,000 users, plans to use the financing to expand user base and develop new services.

Sapato.ru is the leading online shoe retailer in Russia. It was founded in June 2010 by Fast Ventures, eVenture Capital Partners, Direct Group and investment holding company Kinnevik.

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