Bank-established VC fund supports Siberian innovators

Bank-established VC fund supports Siberian innovatorsInnovative entrepreneurs in Siberia?s Krasnoyarsk region may now expect financial support from MSB, a new venture fund that Promsvyazbank, a major Russian bank, opened earlier this year.

Innovative entrepreneurs in Siberia?s Krasnoyarsk region may now expect financial support from MSB, a new venture fund opened by Promsvyazbank, a major Russian bank, the official Krasnoyarsk Region portal announced. The region and the bank reached an agreement on project funding in late July during the TIM Biryusa interregional educational forum for innovative youth held in the area. Promsvyazbank launched the MSB venture fund in February 2013. The fund has already screened a number of projects across Russia?s regions over the months, and it is in the Krasnoyarsk region that it has approved its first investment. Following a rigorous pitching session at the TIM Biryusa forum MSB announced a $150,000 injection for FranzFood, a local company working to set up production of deep-frozen confectionery...