7 January 2022

Russia’s Matrix Capital says its VC fund a prosperous business

Russian investment boutique Matrix Capital has announced it set up a prosperous venture capital fund in 2021 in seeking an antidote to dwindling yields from bonds and other usual financial instruments.

Matrix has about a dozen startups in the fund’s portfolio, some of them American, some European, some Israeli, and some from emerging market countries, Matrix partners Pavel Teplukhin and Pavel Maly told a news conference in Moscow.

Many of the portfolio startups have shown “excellent” performance after funding from Matrix, they said.

The fund’s portfolio firms are technology companies representing a variety of sectors, including finance, insurance, real estate, retail, agriculture, education and sports.

In 2021, the fund, which has a subscribed capital of $35m, exited one of the portfolio startups, having raised five times as much capital as it had put in, the partners said.

Matrix’s venture capital strategy is late-stage seed or series A funding. The company picks startups providing types of services that are known to be in demand and need money to implement optimisation or time-saving solutions.

Though its venture investment is mainly focused on firms specialising in business-to-business (B2B) deals, Matrix is willing to take up providers of business-to-consumer (B2C) services in emerging market countries with rapidly growing numbers of mobile internet users and poor availability of online services, the partners said.

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