Yesterday, RVC, the state-owned fund of funds dedicated to innovation, announced a new program to complement business angel investment in Russian startups at very early stages.
The fund’s co-investment will amount to up to 3 million rubles (approximately $100,000), covering from 25% to 75% of the rounds of funding. Business angels are eligible to submit co-investment propositions to RVC only if they already have a successful track record with at least two startups.
“Pre-seed grants and investments are still a weak point in Russia’s innovation ecosystem,” stated RVC’s General Manager and Chairman of the Board Igor Agamirzyan. He believes the program will allow RVC to select projects efficiently, leveraging business angels’ expertise.
RVC claims it has set up a shortened decision process, which is required for these types of operations.
Source: RVC
