The Russian Venture Co., a government-backed fund, plans
to invest 30 billion roubles ($1.25 billion) in 10 to 12 new venture
capital funds earmarked for startups in the country, says Sergei Ivanov, the Russian first deputy prime minister, in a statement on Friday.
Riding high
on oil profits, Russia has been working overtime to develop its own venture capital and startup community since 2006, when it set up Russian
Venture with R15
billion in capital to invest 80% in IT,
biotech, nanotechnology and alternative energy companies. - George White
