Cisco invests in Russia VC fund

The fund will focus on technology investments in Russia and the Commonwealth of Independent States (CIS), according to a company statement.

Target companies include high-growth small and medium-sized companies in the technology, media, and telecommunications sectors.

"The growing number of start-ups originating from the region is reflective of the growing importance of the technology sector to Russia's continued socio-economic development and competitiveness," said Paul Mountford, Cisco's president of emerging markets, in a statement.

Last year, Cisco took a stake in Ozon, a Russian online retailer.

Worldwide, Cisco has more than $2 billion in venture capital investments under management.

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