Russian bank and regional authorities team up to support Siberian innovators
Innovative entrepreneurs in Siberia’s Krasnoyarsk region can now receive financial support from MSB, a new venture fund opened by Promsvyazbank, a major Russian bank, according to the Krasnoyarsk regional authorities
Aug 15, 2013
The region and the bank reached an agreement on project funding in late July during the TIM Biryusa interregional educational forum for innovative youth held in the area.
Promsvyazbank launched the MSB venture fund in February 2013. The fund has already screened a number of projects across Russia’s regions over the past months, and this financial backing in the Krasnoyarsk represents the fund’s first investment.
Following a pitching session at the TIM Biryusa forum, MSB announced a $150,000 injection for FranzFood, a local company working to create a production center for freezing pastries and confectionaries. The existing FranzFactory production facility in Krasnoyarsk will provide the base for the innovation project.
Promsvyazbank launched the MSB venture fund in February 2013. The fund has already screened a number of projects across Russia’s regions over the past months, and this financial backing in the Krasnoyarsk represents the fund’s first investment.
Following a pitching session at the TIM Biryusa forum, MSB announced a $150,000 injection for FranzFood, a local company working to create a production center for freezing pastries and confectionaries. The existing FranzFactory production facility in Krasnoyarsk will provide the base for the innovation project.