The European Bank for Reconstruction and Development (EBRD) has agreed to invest up to $30 million in Almaz Capital Russia Fund I, a Moscow and Silicon Valley-based venture capital fund managed by Almaz Capital Partners, the bank announced on its corporate web-site. The fund was formed in July 2008, when it completed an initial closing with a $30 million anchor investment from Cisco. The fund’s main focus is on the telecoms, digital media and communications industries in sectors ranging from software and internet services to semi-conductors, clean-technology and alternative energy.
Almaz Capital Partners is managed by Alexander (Sasha) Galitsky and Peter Loukianoff. The fund Almaz Capital Russia Fund I has invested in web-based ERP and financial software company Acumatica, mobile social network provider Apollo Project, virtualization and automatization software vendor Parallels, and search engine Yandex.
The EBRD has commited over $1 billion to 30 Russia-focused funds since 1993.