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High-tech VC fund formed for Russia, CIS

Posted: 02 Oct 2007 ?? ?Print Version ?Bookmark and Share

Keywords:venture capital fund? high-technology companies? technology startups?

A venture capital (VC) fund has been formed by a partnership between VC group Draper Fisher Jurvetson (DFJ) and Russian commercial banking group VTB to focus on high-technology companies in Russia and the Commonwealth of Independent States (CIS). Dubbed the DFJ-VTB Aurora, the ruble-based fund is worth approximately $150 million of capital for investments in Russia and CIS. Planning is also underway for an additional off-shore fund with flexibility to invest in technology companies headquartered both inside and outside Russia and CIS.

The Russian partnership is the latest addition to DFJ's global network of VC funds. In August DFJ took a stake in European VC group Esprit Capital Partners. The DFJ Esprit portfolio consists of more than 35 high-growth technology companies across Europe including Packetexchange, Intense Ltd, Displaylink and XMOS. Past exits have included stakes in companies such as Alphamosaic, KVS, Fillfactory, Blackspider, Neteconomy and DRI. In previous roles the Esprit team has invested in the first rounds of successful companies such as CSR, Xaar, Arakis, and Bookham.

The DFJ Network is currently made up of more than 130 VC professionals across 30 cities in the U.S., Asia, Europe and South America. It holds over 500 portfolio companies and over $5 billion of capital under management. Recent successes include DivX, Skype, Mobile365, Baidu and EnerNOC.

"DFJ has been observing the Russian start up environment for the last several years. It is safe to say that with the influx of institutional money, governmental support, and the migration of management talent of Russian origin back to Russia, the ecosystem for technology startups is now emerging," said Tim Draper, Founder and Managing Director of DFJ.

- John Walko
EE Times

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