Representatives of VTB Group and Draper Fisher Jurvetson (DFJ) have reviewed the first results of their cooperation which began in September 2007 when a partnership agreement was signed between VTB Bank and DFJ, a pre-eminent venture capital firm with global presence providing capital for extraordinary entrepreneurs. The current projects were reviewed during the visit of Tim Draper, DFJ`s Founder and CEO, in Moscow on 22-23 May 2008.
DFJ`s presence in the Russian market has been developing through its participation in managing the VTB Venture Fund, created by VTB together with the Russian Venture Company.
As a result of the VTB - DFJ cooperation, a joint venture fund DFJ VTB Aurora was founded early in 2008. This fund has been identifying and selecting entrepreneurs and business projects for further capital investment in innovative industries such as Digital Convergence, Software and IT Infrastructure, Biotechnologies, and Alternative Energy. During his visit to Moscow Mr. Tim Draper met with the Managing Directors of the venture capital funds under the Investment Business, VTB Group, as well as with representatives of the Russian authorities. During these meetings, the current projects as well as different aspects of cooperation and strategic partnership were discussed.
Tim Draper, DFJ`s Founder and CEO, said: I do believe in the potential of the Russian market and have already reviewed a number of projects presented by talented local entrepreneurs. The entrepreneurs you find now will run the economy in 20-30 years. We are excited to be working with our partners VTB and hope to help Russian companies to become successful in the global markets.
Yuri Soloviev, Head of Investment Business, VTB Group, added: We highly appreciate our partnership with DFJ, the key player in the global venture business scene. Mr. Draper is an acknowledged leader in this sphere and his participation in developing venture services in Russia plays an important role in further effective development of the venture business services in Russia and will attract more international investors and the global venture community to the fast-growing Russian market.
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