Russia, EBRD to invest up to $30M in Venture Capital Fund

The European Bank for Reconstruction and Development (EBRD) has agreed to invest up to $30m in a venture capital fund aimed to bridge the gap between Russia and Silicon Valley.
Almaz Capital Russia Fund I, which first closed in July 2008 with Cisco Systems, will invest in companies in Russia and the Commonwealth of Independent States (CIS) delivering more sophisticated technology-driven products to consumers in the region and globally.
The new vehicle, which will be managed  by Moscow and Silicon Valley-based Almaz Capital Partners, will focus on the Telecommunications, Digital Media and Communications industries where it will address a broad spectrum of sectors ranging from software and internet services to semi-conductors, clean-technology and alternative energy.

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