Central regions | Finance, business | Telecoms, media
State-owned fund to co-invest in IT start-ups
28 May '13
Rosinfocominvest, a government fund set up to invest in IT and telecom projects, is shortly expected to recommence its operations as a co-investor in IT start-ups, after six years of virtual inactivity, East-West Digital News, the international resource on Russian digital industries, reported late last week, citing an announcement from the Russian Ministry of Telecom and Mass Communications.
When it was launched in 2008 with as much as 2.9 billion rubles ($94 million) in available funds, Rosinfocominvest intended to invest in large IT projects.
But the fund ended up being “in fact, inactive,” according to Minister Nikolai Nikiforov, as quoted by RIA Novosti Group’s 1Prime.ru.
In accordance with the new investment strategy, the fund will provide between 10 and 30 million rubles ($320,000 to $970,000) in matching investment capital to Russian start-ups on a par basis with other domestic VC funds, the Ministry explained, giving no further details.