Qiwi top executives make $30m and entrepreneurial experience available to Russian start-ups

In late April Andrei Romanenko, a top executive at Russian payment giant Qiwi, announced the launch of Run Capital, a venture fund targeting Russian tech start-ups at the pre-seed and seed stages.

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The $30m fund will able to provide young Russian entrepreneurs with much more than just financial support, East-West Digital News, the first all English-language online resource dedicated to Russian digital industries, quoted Mr. Romanenko as saying.

“Russia has a generation of entrepreneurs with a large experience and expertise stemming from several successful projects,” he stated, and there are “a lot of young and talented people with genius ideas – which they are unable to fulfill for a range of reasons.”

Mr. Romanenko explained he is ready to “share [his] experience, knowledge and contacts with young entrepreneurs and not only invest money in their ideas, but [help them] in intellectual terms, too.”

“Soon Russia will see the emergence of an entrepreneurship culture and a venture industry that will match the American and European ones,” he believes.

The Russian entrepreneurs who launched Run Capital – Sergei Fedyushchenko, Igor Mikhailov, Andrei Muravyov, Andrei Romanenko and Nikolai Romanenko – are all linked to Qiwi. With the exception of Muravyov, these businessmen are also involved in the Moscow based funds iTech Capital – another initiative Mr. Romanenko launched in 2011.

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