Alexander Turkot (pictured), who resigned as director of Russia-based Skolkovo‘s technology entrepreneurial cluster, has launched a venture capital fund to raise up to $100m.
The fund has already received a commitment from Renova for “up to $50m,” Turkot told East-West Digital News. Renova is a diversified asset management and investment group owned by Skolkovo president and oil and metals oligarch Viktor Vekselberg.
Turkot’s fund intends to invest an average of $2m to $3m in series A and B rounds, focusing on electronic health, big data, multimedia, and other internet projects. According to Turkot as reported by EWDN, the fund will pay special attention to start-ups that have been endorsed by Skolkovo.
In addition, approximately 20% of the fund’s investment capital will be used to incubate seed stage start-ups directly, Turkot said.
East-West Digital News
East-West Digital News is the first international information company dedicated to Russian digital industries. Its website EWDN.COM provides news, market data, business analysis and updates pertaining to the Internet, e-commerce, mobile and telecom markets, digital TV and satellite systems, software and hardware innovation, as well as to the related investment activity and legal developments. A consulting branch, East-West Digital Consulting, provides international players with assistance for business development in Russia and advises Russian companies on their international strategies.