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.