The Moscow/Silicon Valley-based venture capital fund, Almaz Capital Russia Fund I, which is focused on technology, media and communications software companies from Russia and managed by Almaz Capital Partners, has invested $11 million in virtualization and automation software vendor Parallels and mobile social networking platform developer Apollo Project, reported daily newspaper RBC Daily by quoting Robert Agee, Cisco’s Vice President of Russia and CIS. Cisco also confirmed the investments on its corporate web-site.
The fund plans to invest $100 million in growth stage Russian software and IT companies over the next year. The networking global leader, Cisco and UFG Asset Management are major investors into the fund. Almaz Capital Russia Fund is managed by Alexander “Sasha” Galitsky and Peter Loukianoff, who’s previously Partner at Alloy Ventures.
Parallels, which was founded in 1999, is a leading vendor of virtualization and automation software that optimizes computing for consumers, businesses, and service providers across all major hardware, operating system, and virtualization platforms. The company has estimated annual revenues of $100 million. Parallels (formerly SWsoft) raised VC funding from Insight Venture Partners, Bessemer Venture Partners and Intel Capital in June 2005.
Founded in 2006, Apollo Project develops software for mobile applications and social networking services and offers it as a “white-label” solution to mobile operators and service providers.
In April 2007, Cisco co-invested together with Holtzbrinck and Index Ventures in a $18 million round in the leading Russian online shop, Ozon. In 2008, Cisco‘s Eastern European Fund, 3TS Cisco Fund, which is managed by 3TS Capital Partners, co-invested in online shop, Internet Mall, in Czech Republic.