Wednesday, July 2, 2008

Cisco Targets Russian Startups With New VC Fund

San Jose-based Cisco said Wednesday that it has anchored the investment in a new venture capital fund, focused on Russia and the Commonwealth of Independent States. Cisco said that it has invested in Almaz Capital Partners and its first fund, Almaz Capital Russia Fund I, L.P., which will focus on small and medium-sized companies in the technology, media, and telecommunications sectors in the region. The new fund, will be called the Almaz Capital / Cisco Fund I. Cisco also said it will also directly invest in technology companies in Russia and the CIS. Cisco already holds a stake in Ozon, a Russian online retailer. Amount of the investment was not disclosed. The firm's new initiatives in region will be headed by Yoav Samet, who also heads Cisco's Corporate Development for Israel, and Central and Eastern Europe.