Cisco Looks To Russian Startups For Big Returns (CSCO)

Cisco (CSCO) and Russian VC firm Almaz Capital Partners have launched a $60 million fund to invest in tech startups in Russia and some former Soviet states. Targets could include “communications service providers, media companies, and content development companies,” Reuters reports.

Cisco has been studying the Russian startup market for more than two years and has already invested in Ozon, an online retailer. The network gear maker has invested about $2 billion in VC money worldwide, but most of that has been in the U.S. and Asia.

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