Roman Abramovich investing in AltaIR fund

Roman Abramovich

In the past year, AltaIR it has started to focus on investment in early-stage Israeli start-ups.

Millhouse LLCl, an investment fund owned by Roman Abramovich and his partners, is investing in a new fund being raised by venture capital firm AltaIR, led by Russian-Austrian investor Igor Ryabenkiy.

AltaIR did not state the amount of the investment, but only that Millhouse would invest up to one third of the fund's general capital, without naming a sum. In April, however, AltaIR issued a statement that it was planning to raise $30 million, which would mean that Abramovich's fund in investing $10 million in that of Ryabenkiy. AltaIR invests in early-stage start-ups.

Ryabenkiy said, "I am delighted at the Millhouse fund's decision to join AltaIR's group of investors, and see in that a vote of confidence in our proven ability to identify promising investment opportunities in early-stage start-ups."

AltaIR has so far invested in about 80 companies from Israel, the US, Europe and Australia. In the past year it has started to focus on investments in Israel, and so far has made more than ten investments in start-ups at early stages, among them Crowdx, Fiix, Gbooking, Imonomy, Music Messenger, Klear, Correlor, and MooVooz.

In June this year, AltIR announced that it was setting up an accelerator called AltaLab, in which it would operate a three-month accelerator program for young entrepreneurs. The fund also launched the AltaClub platform, that enables qualified investors to participate in the fund's investments.

Published by Globes [online], Israel business news - www.globes-online.com - on October 26, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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Roman Abramovich
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