Russian investment house Finam has parked $30 million into Badoo. This yields Finam a 10 percent stake in the social network, valuing the company at $300 million, reports Quintura.

The funding will reportedly help augment the site's Russian user base.

Badoo is an ad-free social network that sorts users' profiles by importance or popularity. Users can pay to increase their positions, which is how the site makes money.