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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 See Nov. 9 press release from ITAR-Tass See June story from The Deal newsweekly See June story from The Deal newsweekly
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