Launched in 2013, the fund invests in Russian and Israeli startups

The Millhouse fund, which manages the assets of billionaire Roman Abramovich , will invest up to $10 million in the Altair Capital venture fund, which invests in innovative projects in the Internet sector, reported , citing an Altair Capital press release. the Vedomosti newspaper

Millhouse representative John Mann confirmed to the publication that Abramovich's fund will invest up to a third of its total capital in Altair. Managing Partner of Altair Igor Ryabenkiy clarified that a total of $20 million will be invested in the fund in the new round, of which the fund has already attracted 20%.

As a result of the new round, the total size of the fund will reach $30 million. This means that Millhouse will invest about $10 million in Altair.

The Altair Capital fund, launched in 2013, invests in Russian and Israeli startups. Over two years, the fund invested more than $20 million in 70 projects.

Ryabenky told the publication that at the seed stage, Altair usually invests from $100,000 to $300,000 in startups. At subsequent stages, investments can reach from $1 million to $3 million.

This is not the first time Roman Abramovich has invested in technology startups. In August 2015, he invested $10 million in the American startup Driveway, which helps insurance companies collect information about drivers.

Before this, Abramovich invested $15 million in the Israeli music service Music Messenger. His Ervington Investments fund, along with US-based Limelight Networks, invested $21 million in the Israeli company AnyClip Media, a platform that distributes video content through 200,000 partner sites.

At the end of May, Abramovich invested $0.5 million in the Russian-Israeli startup Medviser, an online platform for remote medical consultations, and in June invested $2.5 million in two Israeli startups: $1.5 million in the online shopping service Mobilibuy and $1 million - to the Safer Place project, which is engaged in video recording of violations on the roads.

Roman Abramovich will invest $10 million in the Altair venture fund