Russia pools together $576 mln in venture capital funds

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State-controlled Russian Venture Company (RVC) has pooled together 15.9 billion rubles ($576 million) in venture capital funds despite the ongoing financial crisis, the RVC General Director said on Tuesday.
MOSCOW, December 16 (RIA Novosti) - State-controlled Russian Venture Company (RVC) has pooled together 15.9 billion rubles ($576 million) in venture capital funds despite the ongoing financial crisis, the RVC General Director said on Tuesday.

The RVC's second tender has added four new venture capital funds with a total equity of 9.8 billion rubles ($355 million) to the earlier-established VTB Venture Fund with capital of 3.06 billion rubles ($111 million) and Bioprocess Capital Ventures with capitalization of 3 billion rubles ($110 million).

"With the establishment of new funds, the Russian Venture Company has accomplished two missions: firstly, a significantly larger amount of funding is available for innovation start-ups in Russia. Secondly, a real competitive environment is being created on the venture investment market," Alexei Korobov said.

Korobov said the creation of venture capital funds in Russia was evidence of the effectiveness of private equity - public partnership schemes implemented by the RVC, adding that the funds would be available to business at optimal terms of financing for the most promising projects.

The Russian Venture Company was established in 2006 to stimulate the creation of venture capital funds in Russia, develop innovation sectors of the national economy and promote Russian science-intensive technological products on international markets.

RVC aims to select the best venture capital management companies and acquire stakes in funds established by these companies. The RVC has a charter capital of 28.2 billion rubles ($1.02 billion).

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