Investment Portal of the Arctic Zone of the Russian Federation

A competition for innovative projects for the Arctic was announced in Karelia

Applications are being accepted until 15 October through the website of the Karelia Venture Capital Fund.

26 July 2021

Innovative projects for Karelia's Arctic zone will receive support in finding technological partners and funding from the republic's Venture Capital Fund. The Republic's Venture Capital Fund, with the support of the fund for promoting innovation, is running the Arctic Startup competition. Applications are accepted until 15 October, the Karelia regional government website has announced.

The competition has seven categories. The organisers invite entrepreneurs, the originators of business ideas, scientists and inventors who have innovative ideas for the Arctic region to participate.

The competition's jury will select the best teams to present their projects at a demo day event. It will be held on 29 October. Authors of the projects presented at the demo day will be able to apply for venture financing of up to RUB 10 mn from the Karelia Venture Fund and a grant of up to RUB 7 mn from the foundation for promoting innovation as part of the Start-2 programme. The Karelia Venture Fund will help complete projects and prepare presentations.

The demo day will introduce the teams to the companies in the Arctic zone that have the potential to become their technological partners or investors. The projects selected at the demo day will receive an invitation to the business accelerator which will take place in autumn 2021.

Applications are being accepted until 15 October through the website of the Karelia Venture Capital Fund.


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