One of Russia’s biggest telcos backs start-ups

19 August 2019

MTS, one of Russia’s main mobile operators, earlier this year launched a corporate venture fund targeting start-ups across Russia and neighboring countries.

In a recent update, telemedicine, Internet of Things, cybersports and other areas were singled out as key funding priorities for the new fund. The fund expects to invest around $15.5m in early-stage start-ups over the next two years.

Last year the corporation launched an in-house accelerator, MTS StartUp Hub, but start-ups may receive funding from the new corporate fund irrespective of whether they participate in that accelerator or not.

MTS aims to support start-ups in Russia and beyond.

Last year, 27 corporations completed 77 investment deals involving start-ups in Russia — three times as many as in 2017, according to RVC data.

Source
Related news
Mobile operator bets on 5G tech
Russia steps up support of cutting-edge tech
Savings bank holds international AI competition