According to local reports (via Quintura blog), Schmidt’s investment vehicle will team up with Digital October, a center in the heart of Moscow established by billionaire Mikhail Abyzov (chairman of Russian business group RU-COM), its investment arm Bright Capital and Telemarker, to find interesting opportunities for technology startup financings in the country.
TomorrowVentures‘ Managing Partner Court Coursey reportedly said that Digital October will provide the venture firm with a mechanism to select the best ideas from Russia and coordinate early-stage funding rounds. From what I can gather, its new Russian partners will also collaborate with TomorrowVentures to forge cross-border partnerships between their respective portfolio companies and exchange knowledge.
I’ve personally been taking quite an interest in the Russian Internet and technology scene lately, and I’m excited to see early-stage investors pay more attention to local startups.
Coincidentally, a couple of months ago TechCrunch Europe’s Mike Butcher traveled to Moscow for the first ever TC event in Russia, which was hosted in the Digital October Center.
Clearly, things are moving quickly down in Russia.