Roman Abramovich becomes a start-up investor
Co-founder of Sape.ru Gregory Firsov told Vedomosti about the launch of an investment structure that includes ImpulseVC venture capital fund worth $65 million. Ksenia Chabanenko (Mail.ru Group) and Gregory Firsov (Sape.ru) confirmed reports that 30 percent of the Sape.ru link exchange was sold to Roman Abramovich's Millhouse and Invest AG fund.
Representatives of Roman Abramovich were unwilling to comment on the transaction. ImpulseVC focuses its investments in technology, internet, media and entertainment projects. Startups will receive $25,000 to $100,000 at the acceleration stage in exchange for a 7-15 percent stake in the project.
The program will be able to invest in up to 50 projects per year. Once the top teams pass the accelerator phase, they automatically go onto the incubator and get seed investment. It is projected that more than $500,000 will be invested in each project for a 25-35 percent stake.
Currently Impulse incubator has announced the launch of an educational program in November 2013. Participation in the program is free, participants must submit an application and compete for spots.
"These educational investment programs are new in our country, and launching them is a part of our mission to develop best practices in Russia for a developed venture capital market," said Kirill Belov, one of the founders of Impulse and one of the founders of c2-free, a leading European Wi-Fi provider.