S7 Group, a major private Russian airline, is about to launch a $50 mio venture fund.
Since last year, the group has already invested some $10 mio “in start-ups developing digital and industrial technologies,” S7’s VP for innovation Dmitry Chuiko said. These start-ups are from Germany, the U.S., India and China, with Russian accounting for just 12% of the portfolio.
The fund is likely to be registered abroad, since international investment deals would not be made easily using a Russian vehicle.
Scheduled for launch by the end of this year, the fund will pursue both financial profit and corporate innovation goals.
This story initially appeared in Marchmont Innovation News, Russia`s daily business news website.