Moscow, May 29, 2012 - The Skolkovo Foundation and Frontier Ventures today announced a memorandum of understanding (MOU) in which Frontier Ventures committed to investing $20 M into Skolkovo resident companies. The $50 M venture capital fund works with entrepreneurs in the consumer Internet service industry and its principals have a strong track record in launching and operating leading companies in the sector. The key focus for Skolkovo Foundation as a development agency is to bridge the gap between seed rounds and A rounds for high-tech companies coming from Russia – and partnerships such as this one are essential for achieving this goal. With the signing of today’s MOU, Skolkovo now partners with more than 30 Russian and international venture companies.
The partnership is a natural fit for Frontier Ventures says founding partner Dmitry Alimov, whose focus today is to actively identify and support Russian-language Internet businesses in the consumer services sector, we fully support the aims and initiatives of the Skolkovo Foundation in nurturing new businesses in the technology sector in Russia, we share a commitment to supporting entrepreneurs who are already creating new and vibrant economic models.
Frontier Ventures is a natural partner for us in terms of their vision and their commitment to the technology sector in Russia, says President of the Skolkovo Foundation Viktor Vekselberg, we look forward to a long and profitable collaboration in supporting new industries.
Key details of the MOU include:
• Frontier Ventures sets a target of $20 million for investments in Skolkovo resident companies • Frontier Ventures will receive priority access to the Skolkovo Foundation project pipeline, and can select the most promising projects in which to invest • Frontier Ventures will have the opportunity to refer its existing portfolio companies to register in Skolkovo and receive Skolkovo Foundation’s support
We would remind you that Skolkovo concluded a similar agreement with Bessemer Venture Partners in March, 2012: one of the largest and oldest venture capital firms in Silicon Valley will invest $ 20 M in Skolkovo projects within the next two years.