Russian Venture Capital Company Announces Esports-Targeted Fund

Russia’s Internet Initiatives Development Fund (IIDF), in collaboration with esports organization M19, has announced the launch of a 500 million rubles (nearly $8.9 million) accelerator program, targeted towards esports and video gaming startups.

The fund will be reviewing submissions from companies which analyze data about player behavior, tournament organizers, marketplaces, player scouting solutions, and social platforms that will help players find teammates.

Each company selected to join the program, will receive up to $90,000 from the fund, plus up to 170 hours of consulting from both the Fund and M19, a Russian esports organization fielding teams in League of Legends, Hearthstone, Dota 2, FIFA, and PUBG.

The IIDF, a Russian government-backed venture capital fund launched in 2013, has invested in a video game startup before. Last July, PlayKey, a Russian game streaming service, closed a $2.8 million round of funding, led by the IIDF, to finance its expansion into the U.S.