New venture fund launched in Ukraine

New venture fund launched in UkraineThe former mayor of Kiev Leonid Chernovetskyi creates his own venture capital fund to invest in the Internet, IT and high technologies. Chernovetskyi Investment Group is ready to offer from $100K to $20M to start-ups; the total amount of the fund is not specified.

Chernovetskyi will receive the funds for investment activities from the sale of Pravex-Bank in early 2008 to Italian Intesa Sanpaolo for $750M. The fund will cover the Ukraine, former Soviet Union and a number of developing countries in Asia.

The creation of the fund, which works in joint investment, will be the second stage of the investment company’s development, - Chernovetskyi said, adding that the investment company is under registration, but has already analyzed some proposal.

The fund of Leonid Chernovetskyi will primarily manage the businessman’s money. However, it is expected that the money of other investors will be also attracted for specific projects. At the first stage it is planned to invest in Internet projects, high tech, real estate development, as well as in promising small business projects to be introduced in the economies of developing countries.

The website of the fund should be launched in a short time, which allows you to submit investment proposals. Some business ideas and suggestions have been received through my personal website. We have already received a sufficient number of presentations of various projects of Ukrainian and foreign individuals and companies that are looking for investment, - the head of the fund says.