Rosinfocominvest, a government fund set up to invest in IT and telecom projects, is shortly expected to recommence its operations as a co-investor in IT startups, after six years of virtual inactivity, the Russian Ministry of Telecom and Mass Communications announced earlier this week.
When it was launched in 2008 with as much as 2.9 billion rubles ($94 million) in available funds, Rosinfocominvest intended to invest in large IT projects.
But the fund ended up being “in fact, inactive,” according to Minister Nikolai Nikiforov, as quoted by RIA Novosti Group’s 1Prime.ru.
In accordance with the new investment strategy, the fund will provide between 10 and 30 million rubles ($320,000 to $970,000) in matching investment capital to Russian startups on a par basis with other domestic VC funds, the Ministry explained, giving no further details.
