The city government of St Petersburg in Russia is set to establish a 250m rubles ($4m) venture 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.”