Russian entrepreneur Dmitry Alimov has founded a $50m venture fund aimed at capitalising on increasing online consumer spending in the country.
Frontier Ventures will invest in early-stage Russian internet consumer companies offering services such as travel, finance and mobile applications.
Alimov told Reuters the new firm already had a few deals in the pipeline and hoped to complete between three and five this year, investing up to $10m in each.
He said the proportion of active internet users in Russia was still only up to 15 per cent, making it a key area for growth stage investments.
Alimov previously ran venture fund ru-Net, and has 14 years of experience investing and operating Internet and media businesses.
Last month Russian banking group Sberbank launched a venture fund targeting high-tech companies and projects, which it hoped would reach $500m of investment.
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