AddVenture, one of the most dynamic Russian venture funds, has announced a new fund, AddVenture III.

The fund has already raised $7 million “but since it is structured as a corporate vehicle, it could amount up to $50 million in the next two to three years,” Maxim Medvedev, one of the founders, told EWDN.

AddVenture III plans to invest in up to 10 projects in the fields of e-commerce, Web services, mobile applications, and SAAS projects until mid-2012.

While the first AddVenture funds focused on early stage investments, the new fund will privilege more mature projects.

Founded in 2008 and 2009 respectively, AddVenture I and II invested $1 million in 11 projects, including Pixonic, a developer of social applications; Insales, a publisher of e-commerce solutions; AlterGeo, a location-based service inspired by Foursquare; EasyFinance.ru, a clone of Mint.com; and Roomix, the developer of a 3D visualization technology applied to furniture.

While Pixonic quickly became a leading player in its field, with some of its applications on Russian social networks ranked among the most popular, Roomix recently closed.