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This article was published on June 18, 2009


    Russian Venture Company to Launch $65 Million Seed Fund

    Russian Venture Company to Launch $65 Million Seed Fund
    Zee
    Story by

    Zee

    Former CEO of The Next Web. A fan of startups, entrepreneurship, getting things done faster, penning the occasional blog post, taking photos Former CEO of The Next Web. A fan of startups, entrepreneurship, getting things done faster, penning the occasional blog post, taking photos, designing, listening to good music and making lurrrve.

    Russia-cState owned VC fund Russian Venture Company (RVK), are launching a $65 Million seed fund in an aim to enhance the startup industry in Russia.

    Set up in 2007, the fund is not only a fund within itself but also contribute seed capital to 6 other funds.

    Igor Agamirzyan, General Director of RVK, announced at Moscow Venture Forum today that RVK will launch a “seed” fund of 2 billion Rubles (ca. $65 million), reported Vedomosti newspaper.

    According tothe blog of visual search engine Quintura, RVK plans to fund 50 to 80 companies over the next 3 years and will invest up to 25 million rubles ($0.8 million) for a minimum 25% stake in a startup company alongside a private investor. RVK will provide 75% of total funding while private investor, which can be other funds, business angels, shall provide the remaining 25% funding.

    RVK may reduce its stake in the projects as a way to motivate their prospective investment partners.