Russian Venture Company (RVK), which acts as a fund of funds and provided funding to 6 venture capital funds, is going to refine its strategy to more effectively support innovative technology startups in Russia.
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.
RVK 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 shall provide the remaining 25% funding. The startup projects shall be selected and introduced to RVK by “accredited” venture partners.
RVK plans to fund 50 to 80 companies over the next 3 years.