Veb Ventures (formerly VEB Innovations), a venture fund backed by state development agency VEB.RF (Vnesheconombank), is teaming up with Korean Daedeok Ventures Partners to create a Russian-Korean investment fund.
The two partners expect “leading Russian and Korean financing organizations, state and private investors” to invest in this fund, which could amount to “up to $200 mio.”
The fund will target tech companies from the two countries in such areas as smart cities, medicine and industrial technologies.
“We expect [the new fund] to support the international expansion of promising Russian technologies and to introduce pioneering foreign technologies to Russia,” said VEB Ventures’ director Oleg Teplov.
This story initially appeared in East-West Digital News, an international news resource covering the Russian innovation scene.