New fund to back U.S. start-ups as they enter Russian market
FortRoss Ventures, an international VC fund of Russian origin, has closed a $200m fund to support U.S. start-ups that are seeking ways into the Russian market, VentureBeat reported.
The fund will focus on fintech start-ups and also ones that develop solutions in the field of artificial intelligence, cyber security and e-commerce.
The venture capitalists will not only invest in start-ups but also offer consulting services to help international companies better adapt to Russian business and general culture and to the intricacies of Russia’s political and financial reality, the fund management believes.
FortRoss Ventures Partner Anurag Chandra thinks “the potential for U.S. start-ups in Russia is incredible.”
In November 2017, FortRoss Ventures pooled efforts with Sberbank, the national savings bank in Russia, and the government-owned Internet Initiatives Development Fund (IIDF, aka FRII) in their joint Global Pitch platform program aimed at helping Russian start-ups get a foothold in the global markets.