St Petersburg to launch $4m fund
Posted on 08 February, 2017 by Thierry Heles, editor
The city is set to create a venture fund with an initial commitment of $4m that will allocate between $16,000 and $83,000 to startups.
The city government of St Petersburg in Russia is set to establish a 250m rubles ($4m) veture fund aimed at local IT and light industry startups, according to East-West Digital News.
The fund will invest between $16,000 and $83,000 in startups, depending on the stage of the investment. Portfolio companies may also benefit from subsidies in order to rent international sales offices.
Elgiz Kachaev, head of the municipal committee of entrepreneurial development and consumer market, said: “We are doing this to support our designers and producers of apparel, footwear, leather goods, cleanroom workwear, automobile and plane seats covering.”
See more from this Government Report: Russia
Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.
Latest magazinePast Issues
Get full online access, the monthly magazine, weekly news alerts, special reports and more.See all subscription options
September 18, 2017
September 11, 2017
September 06, 2017
September 14, 2017
September 12, 2017