Central regions | Finance, business | Technology & innovation
Russia’s Internet Initiatives Development Fund launches operation
17 Jul '13
Russia’s four-month-old Internet Initiatives Development Fund (IIDF) has officially begun operation and is expecting application for funding, Russian news agency ITAR-TASS reports, citing Kirill Varlamov, the Fund director.
“We have plans to invest in a variety of Internet-related projects. For example, projects that aim to improve the environment, or the quality of life (roads, ecology), education, etc.,” Mr. Varlamov explained.
He underscored that the Fund is not going to support projects that focus on excisable goods, religious matters, politics or legislatively regulated goods and services, such as drugs.
The Fund will work with both start-ups and “successfully functioning online businesses” that seek money for expansion.
“Today’s market infrastructure is designed to back mature projects, which are not so numerous. We are going to invest in online projects at the very early stages; very few do this in Russia these days,” the director said.
The Internet Initiatives Development Fund has been set up by Russia’s Agency for Strategic Initiatives (ASI). IIDF reportedly has more than $180m to manage. In excess of 400 Russian Internet projects may expect to seek funding from the new entity over the next three years.
Russia currently has more than 120 venture funds that focus on the Internet.