When some of the major Western venture capital funds are slowing down their investment activities, their Russian VC counterparts are going ahead with their investments. Troika Venture Fund, a new venture capital fund managed by Troika Capital Partners (part of the leading Russian investment banking group Troika Dialog) is completing three investment deals for a total of $15 million, reported business newspaper RBC Daily. The fund agreed to invest in three U.S.-based technology companies with R&D operations in Russia. The deals are expected to be closed by the end of 2008.
The investments that are made by Troika’s fund include $4.5 million in provider of electronic note applications, Evernote, $5 million in designer of stereoscopic 3D visualization systems for gamers, iZ3D and $5 million in provider of 3D publishing software Cortona3D, ParallelGraphics.
Evernote and ParallelGraphics have been founded by brothers Stepan and George Pachikov, respectively. They previously founded ParaGraph Company, which was merged with Silicon Graphics in 1997. iZ3D has been founded by Vadim Asadov of hi-tech incubator NeurOK.
Evernote raised $6 million from private investors in August 2006. ParallelGraphics previously raised several million dollar from Mint Capital.
In June 2008, Troika Capital Partners, which also manages three Russian regional venture funds with total equity capital of $50 million, invested $4 million in iiko, a vendor of restaurant ERP software. Mint Capital and Troika Capital Partners are investors into leading Russian ‘interest media’ publisher Gameland.