Qvalon, a U.S.-based start-up of Russian origin, has raised $700,000 from a globally present Russian fund called NRG Ventures and a group of angel investors led by Fyodor Chenkov.

As Firrma.ru reported, the start-up has raised a total of $1.7m since 2019; in its first funding round, Qvalon received an investment from Singapore’s Prytek.

Established by two Russian entrepreneurs, Andrei Podgornov and Boris Shkolnikov, Qvalon is marketing to retail chains its proprietary cloud-based SaaS service that helps control quality, processes, and HR. The solution offers, among other things, the possibility to redistribute vacant staff between outlets in real time. Retail chain owners are said to save more than 15% of their typical payroll costs by using the service.

Qvalon has 75 customers in seven countries, including such retailers as Burger King, FixPrice, Billa, O’Kay, Eldorado, Samokat and many more. More than 20,000 outlets are currently serviced by the start-up’s key solutions.

Qvalon is reported to have plans to funnel the new investment into further expansion across the U.S. By the end of this year, the Russian entrepreneurs want to secure at least 10 American clients and make inroads in the wider global market.

According to Qvalon CEO Andrei Podgornov, the start-up is eyeing a “more than $5bn” segment of the United States market.