Russia-based textbook publisher Prosveshcheniye has agreed to launch an education technology accelerator with the Russian government’s Internet Initiatives Development Fund (FRII), according to East-West Daily News, which cited a report in business daily Vedomosti.
Prosveshcheniye expects to invest up to RUB3bn ($48m) in startups through the fund, while the $200m FRII, established by Russia in 2013, will commit up to $8m and select the participating startups.
Technologies the accelerator will target include online course provision and education-focused robotics, virtual and augmented reality.
Each startup will receive RUB2.1m, with the fund taking a 7% equity stake. FRII will then look to provide about RUB15m in the next funding stage, picking up a stake worth between 10% and 15%.