Tamir Fishman Ventures, Israel’s partner of DFJ, has completed fundraising round of 2 billion Rubel, which are ecquivalent to $72 million USD. Half of the money was raised from the Russian goverment, and the majority of the remaining sum was led by CIG, part of the MyBank group in Russia, as well as private investors. The round falls $28 million short from its original target set in June, according to the Israeli media.
The new fund will be called Tamir Fishman-CIG Venture Fund and will invest in technology ventures in Russia. Tamir Fishman’s chairman and CEO Eldad Tamir sees Russia as the largest business opportunity in Europe right now. In an interview to Calcalist he said: ” Russia has a tremendous scientific potential, with advanced research and high education”. Tamir also sees a tighter cooperation between Israel and Russia, given the high number of Russian speakers in Israel. Tamir Fishman-CIG Venture Fund will start investing in Q2 2009.