BERLIN — Cisco Systems will take stakes in Russian startups through a $60M investment in the Almaz Capital Russia Fund I, managed by Moscow-based Almaz Capital Partners.
The fund will focus on technology investments in Russia and the Commonwealth of Independent States (CIS), according to a company statement.
Target companies include high-growth small and medium-sized companies in the technology, media, and telecommunications sectors.
"The growing number of start-ups originating from the region is reflective of the growing importance of the technology sector to Russia's continued socio-economic development and competitiveness," said Paul Mountford, Cisco's president of emerging markets, in a statement.
Last year, Cisco took a stake in Ozon, a Russian online retailer.
Worldwide, Cisco has more than $2 billion in venture capital investments under management.
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