Since the breakout of the war, some startups and VC firms are turning down deals with Russia-linked investors and companies. Meanwhile, in the opaque world of startups and venture capital, previous…
By Ivan Levingston, Jackie Davalos and Sarah McBride | Bloomberg
In recent weeks, global businesses have rushed to dump Russian holdings, and are ceasing operations in the region. But for venture firms that have accepted funds from Russian investors, de-linking from the country is a thornier imperative. Rubles may be part of a much larger fund, and in some cases, may already have been committed to startups. And because so many family offices of Russia’s wealthy are based offshore, it’s not immediately obvious what cash came from an oligarch.
Some links between Russian investors and U.S. businesses date back to early in the Obama administration, during a more optimistic time for relations between the two superpowers. For example, in Obama’s first term, Silicon Valley firm DCM accepted backing from Russian Venture Capital, an arm of the Moscow-based Russian Venture Company. Around the same time, Bay Area-based venture firm IVP also took an investment from Russian Venture Capital.
“I don’t ever want to take the risk of ending up on a cap table with someone who could be sanctioned,” Kanji said. “There are sides now, and you need to be on the right side.”
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