Company:Fort Ross Ventures

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Fort Ross Ventures
TypePrivate company
IndustryVenture capital
Founded2013; 11 years ago (2013)
FounderVictor Orlovski
HeadquartersMenlo Park, California
Areas served
United States, Israel, Europe
Key people
  • Victor Orlovski (managing partner)
  • Sharin Fisher Dibrov (partner
AUM$500 million (2022)
Websitefortross.vc

Fort Ross Ventures is an international venture capital firm headquartered in Menlo Park, California. By 2022, it managed 4 funds focused on rounds from Seed to late-stage (Series D+).

History

Fort Ross Ventures was established in 2013 in Menlo Park by a former Sberbank tech executive, Victor Orlovski. The firm was named after a Northern Californian outpost set up by the Russian explorers in the 19th century.[1][2] The bank was the firm's important LP in its early funds.[1]

Fort Ross Ventures focused on startups in fintech, edtech, food tech, cloud computing, AI and machine learning, and business automation. Around 60% of its investments goes towards U.S. startups, and the other 40% are spread between the UK, Israel, and Europe.[1]

The sanctions against Sberbank in 2022 raised concerns among other LPs. In response to that, Orlovski stated that the firm will act in compliance with the law, isolate any “toxic” money in the pool,[3] and will leave Sberbank out of the fundraising for its latest fund.[4]

Funds

By 2022, the firm managed about $500 million in several funds[4] and invested in over 30 mid- and late-stage startups in the U.S., Europe, and Israel.[1] In addition to funding, Fort Ross Ventures provides advisory services[5] and assists its portfolio companies in recruiting engineering talents from Eastern Europe.[1]

  • A $110-million fund titled SBT Ventures I was established in 2013 mostly funded by Sberbank. Thanks to the investment in eToro, the fund claimed the IRR (internal rate of return) up to 50%.[citation needed]
  • SBT Ventures II $235-million fund had been raised by 2018 with participation of around 40 LPs, including corporations, family offices, and high-net-worth individuals.[2][6][7][8]
  • Fort Ross Seed Fund had been raised by 2020 to invest on Seed and Series A rounds.[6]
  • By the late 2021 the firm raised $100 million of its $200-million Late-Stage fund with a focus on Series D+ rounds in companies with a potential for IPO or strategic sale within 2 to 3 years and a typical check size between $10 million and $30 million.[9]

Portfolio

The firm's portfolio includes, but isn't limited to:[1][5][2][10]



References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 Marina Temkin (March 4, 2022). "Exclusive: California VC firm backed by Russia navigates a global crisis". Pitchbook. https://pitchbook.com/news/articles/fort-ross-ventures-russia-sanctions-vc. 
  2. ↑ 2.0 2.1 2.2 "Fort Ross Ventures". Kommersant. March 22, 2020. https://www.kommersant.ru/doc/4327851. 
  3. ↑ Matthew Goldstein (March 30, 2022). "Lawmakers Join Calls to Close a Loophole Shielding Oligarchs' Investments". The New York Times. https://www.nytimes.com/2022/03/30/business/oligarchs-hedge-funds-russia.html. 
  4. ↑ 4.0 4.1 Ivan Levingston, Jackie Davalos, Sarah McBride (March 14, 2022). "Silicon Valley Tries to Disentangle Itself From Russian Money". Bloomberg. https://www.bloomberg.com/news/articles/2022-03-14/silicon-valley-tries-to-disentangle-itself-from-russian-money. 
  5. ↑ 5.0 5.1 Chris O'Brein (April 19, 2018). "Fort Ross Ventures launches $200 million fund to help U.S. startups expand to Russia". VentureBeat. https://venturebeat.com/2018/04/19/fort-ross-ventures-launches-200-million-fund-to-help-u-s-startups-expand-to-russia/. 
  6. ↑ 6.0 6.1 "Fort Ross Venture Capital fund aims to invest $100mn in Russia and Eastern Europe tech". bne Intellinews. September 24, 2020. https://www.intellinews.com/fort-ross-venture-capital-fund-aims-to-invest-100mn-in-russia-and-eastern-europe-tech-192653/. 
  7. ↑ Annie Baker (March 26, 2020). "Fort Ross Ventures: $235 Million Second Fund And Sharin Fisher Named Partner". Pulse 2.0. https://pulse2.com/fort-ross-ventures-235-million/. 
  8. ↑ Heather Somerville (April 18, 2019). "Venture capital firm Fort Ross aims to bring more U.S. startups to Russia". Reuters. https://www.reuters.com/article/us-investment-fort-ross-idUKKBN1HQ1K1. 
  9. ↑ Haje Jan Kamps (November 17, 2021). "Fort Ross Ventures raises late-stage fund, expands European activity". TechCrunch. https://techcrunch.com/2021/11/17/fort-ross-fund-4/. 
  10. ↑ "Fort Ross Ventures Holds First Closing of $200M Late-Stage Fund". FinSMEs. November 20, 2021. https://www.finsmes.com/2021/11/fort-ross-ventures-holds-first-closing-of-200m-late-stage-fund.html. 



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