In late April Andrei Romanenko, a top executive at Russian payment giant Qiwi, announced the launch of Run Capital, a venture fund targeting Russian tech startups at the pre-seed and seed stages.

The $30 million fund will able to provide young Russian entrepreneurs with much more than just financial support, Romanenko said.

“Russia has a generation of entrepreneurs with a large experience and expertise stemming from several successful projects,” he stated, and there are “a lot of young and talented people with genius ideas – which they are unable to fulfill for a range of reasons.”

Romanenko explained he is ready to “share [his] experience, knowledge and contacts with young entrepreneurs and not only invest money in their ideas, but [help them] in intellectual terms, too.”

“Soon Russia will see the emergence of an entrepreneurship culture and a venture industry that will match the American and European ones,” he believes.

The Russian entrepreneurs who launched Run Capital — Sergei Fedyushchenko, Igor Mikhailov, Andrei Muravyov, Andrei Romanenko, and Nikolai Romanenko — are all linked to Qiwi. With the exception of Muravyov, these businessmen are also involved in the Moscow based funds iTech Capital — another initiative of Romanenko in 2011 — and AddVenture III.

Sources: Run Capital, Vedomosti

This story originally appeared on East-West Digital News.

This story originally appeared on Copyright 2014