The Russian venture capital scene, which counted less than two dozen active funds just two years ago, is continuing its impressive growth. Its newest player, an early stage venture fund named Frontier Ventures, has just been announced by its founder, the Russian entrepreneur and investor Dmitry Alimov.
The fund’s target of $50 million has already been committed “for the most part,” Alimov said in an exchange with East-West Digital News, contributed by Alimov himself along with some “other successful entrepreneurs” whom Alimov declined to name. “There is still space for new investors,” Alimov added.
Frontier Ventures is looking to invest in such hot segments as online travel, online financial services, online education, online media and advertising, e-commerce and mobile applications, and more.
The fund will focus on the Russian market, but is open to cooperation with foreign players operating locally.
Over the last few years, Alimov has personally invested in such leading Internet players as city guide Afisha.ru, daily deal site Biglion, and video website Ivi.ru. Alimov was also a partner at Ru-Net, a major Russian fund operating globally.
Update April 12, 2012
Grigory Figner, who co-founded DST with Yuri Milner, has become a member of the consultative committee of Frontier Ventures, Alimov told Russian business daily Vedomosti. It remains unknown whether Figner invested in the fund.
