The market leader in Russia's social referral marketing for online retailers, Flocktory, has announced that it closed its series A financing round. The round was able to raise US$1.5 million, with the funding led by Digital Venture Partners.

The funds raised would be used to continue its product development of the social referral platform of Flocktory as well as acceleration of its business development goals.

According to Simon Proekt, CEO and founder of Flocktory, "In just the last few months Flocktory has powered over 600 thousand unique social referral recommendations resulting in clear measurable sales for our clients. We have just started to tap into the power of word of mouth campaigns for the top e-commerce players in Russia and we see tremendous potential in our platform continuously improving consumer targeting based on our vision into buying behavior and the social graph". 

Currently, Flocktory has a client list numbering 200 merchants with top e commerce destinations in Russia, such as Svyaznoy, S7 Airlines, Lamoda among others.