VRTech raises $5 million to fund virtual reality startups in Russia and Asian countries

Two figures of the Russian digital industry — Georgiy Tushinsky, founder of Digital October and of several controversial music content projects, and Igor Luts, founder of BBDO Moscow, co-founder of The Untitled fund and a former Yandex marketing executive — have teamed up to launch a venture fund dedicated to virtual reality projects, according to RBC.

The common investment fund, dubbed ‘VRTech,’ will amount to over 300 million rubles (a little less than $5 million at the current exchange rate). The initiative may look modest in comparison with some foreign analogs — as exemplified by HTC’s recent $100 million VR fund — but Tushinsky says that it will attract additional funds depending on the size and number of projects.