The Internet Initiatives Development Fund (IIDF) will invest 2.25 billion rubles in pre- and early-stage Russian startups in 2023-2025, the fund’s press service reported. IIDF has updated its investment strategy.
“Now support for Russian entrepreneurs in the Russian market is needed again, mainly in the early stages. Therefore, we are partially resuming the sowing format of the activity, as it was several years ago. The current task in the conditions of an extreme shortage of investment in the market is to provide an opportunity for several dozen startups to implement their ideas,” said IIDF director Kirill Varlamov.
Each year, the fund intends to invest in about 20 companies in the pre-seed stage, three to five companies in the seed stage and two more in the A stage.
The total amount of investments for each year will be about 750 million rubles. Funding will include funds received from previous outings. The fund’s shareholder Rostelecom reportedly supported the expansion of the IIDF’s investment strategy.
The IIDF last announced a change in strategy in October 2020. The fund then decided to bet on foreign startups with founders from Russia. At the same time, the companies had to have confirmed sales and demand in the global market, and the founders or beneficial owners with Russian citizenship had to own at least 50% of the project.
Author:
anastasia mariana
Source: RB
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