A new USD30 million fund had been launched last May to aid in growing high-tech markets. Created by former executives of the venture arm of leading Russian financial group Finam, the announcement of the new venture fund Flint Capital was only done recently as it had made its first investment, task assignment platform Youdo.com.
PR manager Sophie Paskal told East-West Digital News, "We plan to invest in 15 projects before the end of 2014, We expect a 45 percent IRR and a three-fold cash-on-cash return, which corresponds to the team's past record." However, Paskal did not disclose information of its new investors. She only referred to its new investors as Russian individuals and did not elaborate further.
Flint Capital would be placing investments in technology projects from USD500,000 to USD2 million. The venture fund would be focusing on startups whose products revolve around the Internet and innovative hardware.
Join the Conversation