Skolkovo Foundation, the Russia-based development agency, and venture firm Frontier Ventures have signed a memorandum of understanding (MOU) where Frontier has committed to invest $20m in Skolkovo resident companies.
Skolkovo Foundation is looking to bridge the gap between seed rounds and A rounds for high-tech companies in Russia. Skolkovo now partners with more than 30 Russian and international venture companies.
Frontier Ventures founding partner Dmitry Alimov said: "We fully support the aims and initiatives of the Skolkovo Foundation in nurturing new businesses in the technology sector in Russia, we share a commitment to supporting entrepreneurs who are already creating new and vibrant economic models."
Viktor Vekselberg, president of the Skolkovo Foundation, said: "Frontier Ventures is a natural partner for us in terms of their vision and their commitment to the technology sector in Russia. We look forward to a long and profitable collaboration in supporting new industries."