Promsvyazbank (PSB) announced on Monday that its venture fund will finance Pure Planet, a small company founded by Nikita Mihaliov.
The PSB fund will be investing approximately $25,268 toward the company. It focuses on the collection and recycling of used materials including paper, plastic and polyethylene in the Khabarovsk region.
According to bank representatives, since the venture fund's inception businesses that have worked with investors improve their businesses overall. Representatives also claim that this company will benefit as it expands into a niche within the market in the region. The fund started in February 2013 as a way for the bank to finance small- and medium-sized enterprises in Russia.
"When we learned about the availability of investment Venture Fund [at] PSB and Support of Russia, we seriously [considered] expanding the business," Pure Planet Project Proponent Nikita Mikhalev said. "In my opinion, the format support, [offered by the venture fund,] is an affordable way [for] young businesses in the real sector to reach a new level, to expand its borders."