Russian fund in U.S. to support ex-Soviet start-ups | Central regions, Finance, business

Central regions | Finance, business

Russian fund in U.S. to support ex-Soviet start-ups

16 Feb '22
Sergey Negodyaev and Alexander Kuraksin, Russian investors and two ex-top executives of the government-owned Internet Initiatives Development Fund (FRII), have launched in New York a new venture fund called Prospective Technologies Ventures (PTV), the Russian business daily Vedomosti reported.

The fund, to be worth up to $100m as the story unfolds, will reportedly deal out anything between $100,000 and $3m to Russian and Eastern European B2B start-ups at their early stages of development which seek to go global. Sizable (yet unnamed) real estate developers and international investors are among the key supporters of the fund.

The new fund is expected to focus on software development, IT infrastructure, digital marketing services, and the industrial Internet of Things (IIoT).

Prospective Technologies Ventures aims to help Eastern European start-ups get the feel of and a foothold in the U.S. market by meeting their first American customers and signing inaugural deals. The main objective is to oil the wheels for an investee to put together and launch successful sales in the U.S. market. Potential clients and investors for PTVís portfolio start-ups may reportedly be American corporations of Russian origin.