Moscow-based asset management company Millhouse Capital, an investment fund owned by Roman Abramovich and his partners, joined a $20 million investment round opened by venture capital firm AltaIR Capital.
AltaIR is an international fund active in the U.S., Europe and Israel. Millhouse contributed $10 million in capital to the funding round. Also included in this round is investment company IMI.VC. Millhouse and IMI.VC have previous experience co-investing where AltaIR led the round.
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The new AltaIR fund will focus on investments into early-stage internet and technology startups with global perspective and scalability.
AltaIR Capital founder Igor Ryabenkiy, a serial entrepreneur and prolific angel investor said “We bring much more than money to the table. We can give the company the best chance at success. Now we also present a unique opportunity for private investors to invest hand in hand with AltaIR in highly scalable fast-growing startups through our AltaClub platform.”
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.
Ryabenkiy: “We are proud to see the success of our portfolio companies. For example, at the very early stage we invested in ToutApp and this year they raised $15 million as a part of a Series B round led by Andreessen Horowitz. Another project, SimplyInsured, secured $5.9 million early this year in Series A financing from Polaris Partners with participation from Bessemer Venture Partners. Intel Capital also joined AltaIR in several rounds.”AltaIR actively collaborates with American seed and startup accelerators YCombinator, 500Startups and TechStars and has its own accelerator in Israel – AltaLab. AltaLab’s team takes leadership on early stage companies helping them mature and preparing them for funding.
