Aurora VC targets Russian IT firms
Aurora Venture Capital in Moscow has invested $600,000 in Vitasoft, an information technology provider for the insurance sector in Russia. Aurora’s managing partner Vsevolod Topolyansky is particularly keen on the internet and software sector in Russia, which he says provides a “huge potential for investment”.
The venture fund has already tried to access this market in the past, but has previously been forced to resort to third party providers for the kinds of products and services offered by Vitasoft, Topolyansky said.
Vitasoft has been generating stable cash-flows – a guideline high on the fund’s list when selecting companies to invest in. Topolyansky also said the firm has a “synergy with other projects in the portfolio,” mentioning the recent acquisition of a 25% stake in xLander, the Russian travelers’ social network.
Areas of interest for the fund are related to the use of internet by doctors and medical companies. The fund already invests in Russia’s largest information portal for physicians, ‘Doctor at work’, and is preparing the acquisition of another business active in this area. Topolyansky would not disclose details before the acquisition has been finalised.
Aurora Venture Capital was formed in 2010 by private individuals both from Russia and overseas. It aim is to invest in high-growth Internet resources and technological projects in Russia and the Commonwealth of Independent States, in which the end investors can actively participate as shareholders. There are currently seven positions in the investment portfolio.