Almaz Capital Russia Fund I, Russia-focused venture capital fund that is backed by Cisco, shall have returned all money to investors with just two investments, fund’s Managing Partner Alexander “Sasha” Galitsky revealed on twitter. Those investments should have been made by Almaz in Qik and Yandex. Almaz‘s first close was at $60 million. Then, Almaz added $30 million from EBRD.
Mobile video software provider Qik was acquired by Skype for over $150 million in January 2011.
Russia’s leading search engine company Yandex went IPO at $8 billion valuation on NASDAQ on May 24. Almaz Capital acquired a stake in Yandex at $1 billion valuation in September 2009.
Almaz Capital Managing Partner Peter Loukianoff was recently on the Board of Directors of Qik and managed Almaz‘s investment in Yandex.
In addition to Qik and Yandex, Almaz Capital invested into ERP software provider Acumatica, casual game publisher Alawar Entertainment, mobile social network provider Apollo, virtuallization software vendor Parallels and online travel agency Travelmenu.