Leta GIV Venture Fund, which was launched this spring, announces the change of its name and update of its strategy. The basic principles will remain the same, but the fund promises to provide its portfolio companies with more opportunities. The updated structure will be called Leta Capital.
The managing and investment company Leta Group announced the creation of LETA Group Investment & Venture fund in spring 2012. During this time the Foundation has funded several projects totaling more than $8M: DisplAir, HamsterSoft, Budist.ru, BaltoStorage and others. The fund was focused on promising IT start-ups.
The initial principle of the fund was to invest in start-ups using only its own resources, the profits of Leta Group. This principle will be maintained in the future, though Leta Group does not deny some partners to be involved in co-funding. Leta Group intends to increase the number of opportunities it can provide its start-ups with.
Changing the name of the foundation is intended to emphasize that Leta Capital is an independent business unit within the group of companies, more flexible in start-ups’ financing. It also intended to separate the companies owned by Leta Group and companies in the venture investment portfolio that are more independent, - Sergey Toporov, chief investment manager of Leta Capital commented on the event.
In addition, it is planned to expand the cooperation with Russian and international venture structures within Leta Capital. As a result, the fund will be able to offer its start-ups more flexible financing schemes. Thus the basic investment principles of projects selection will not be changed.