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St. Petersburg city authorities launch venture fund to support information technologies and light industry

Startups will be able to raise from 1 to 5 million rubles (roughly $16,000 and $83,000 respectively), depending on their stage of development

Feb 03, 2017
The St. Petersburg city authorities have decided to launch a venture fund to support local startups in the fields of information technologies and light industry. Planned for launch this year, the fund will initially amount to 250 million rubles (approximately $4 million at the current exchange rate).

Startups will be able to raise from 1 to 5 million rubles (roughly $16,000 and $83,000 respectively), depending on their stage of development.

St. Petersburg entrepreneurs may also benefit from subsidies to rent sales premises abroad. "We are doing this to support our designers and producers of apparel, footwear, leather goods, cleanroom workwear, automobile and plane seats covering," commented Elgiz Kachaev, head of the municipal committee of entrepreneurial development and consumer market, which is launching the fund.