Russian Venture Company (RVC), the state owned fund of funds dedicated to innovation, announced last week it has been an indirect participant in a $250 million series B financing for Dropbox, a leading US cloud storage startup.

The investment was made through Institutional Venture Partners XIII (IVP), a prominent later stage venture capital and growth equity firm which was joined in 2010 by Russian Venture Capital II LP, a fully owned subsidiary of RVC registered in the UK.

Dropbox users can store and share documents, photos, video and other files on the site. The files remain accessible from any computer or phone. Dropbox claims over 45 million users around the globe that save more than a million files every five minutes.

Among Dropbox investors are also Index Ventures – which led the round of financing – Benchmark Capital, Goldman Sachs, Greylock Partners, RIT Capital Partners, and Valiant Capital Partners. Early investors Sequoia Capital, Accel Partners and Hadi and Ali Partovi also participated in the round.

Since the beginning of this year, IVP XIII has invested in Sugar Inc., a global media company for women, Clearspring Technologies, a US based online data giant, Shazam, a developer of popular applications for mobile devices, and One Kings Lane, a leading US flash sales site on the home furnishings market.

Last year, RVC’s fully owned subsidiary Russian Venture Capital I LP invested $10 million in BrightSource Energy, Inc., a provider of solar power thermal systems.