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.
State 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.