Central regions | Technology & innovation | Finance, business

Skolkovo raises $265m into its projects from 22 venture funds

14 Nov '11
As of now, the Skolkovo fund has raised a total of $265m into projects of its residents from 22 venture funds, RBC daily reports citing Aleksander Lupachev, the investment director of the Skolkovo innovation center.

Among investors are such funds, as the Leader, Pangaea Ventures Ltd, Bright Capital, Foresight Ventures, Runa Capital, Softline Venture Partners and 16 other venture and investment companies.

Mr. Lupachev explained, “Of the raised funds, $70m has already been invested – that is the amount inscribed in legally obliging documents.”

Vadim Kulikov, the partner of the Bright Capital fund, is impressed with amount of investment into the innovation center’s projects. “I believe next year Skolkovo will raise even more into its participants’ projects. The most important thing is that this is private investment. This shows that not only the head of the state and working specialists believe in the innovation city project, but so does the market.” Mr. Kulikov noted that the fund Bright Capital had also signed a memorandum and agreed to invest into Skolkovo projects, however he refused to specify the investment amount. “Skolkovo already has a number of large-scale projects, so $70m, already invested into startups, is not that big an amount,” the expert added.

Andrey Kazakov, the partner of the fund Foresight Ventures, said that $265m was not the final amount and could vary, depending on decisions of both parties – Skolkovo or an investing partner. “The agreement, signed with the company, contains rather soft conditions, implying that funds can refuse to participate in this or that project, or can increase its share in a the project, if decided to do so by shareholders. The only thing the raised funding amount proves is that the model works,” Mr. Kazakov explained.
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