Sber and RVC to launch 100-million-dollar fund for investment in tech startups
Sber and Russian Venture Company (RVC, a state fund and part of the Russian Direct Investment Fund structure) have announced their intention to launch a USD 100 mn joint fund for investment in technological and science-intensive startups.
Investments will be made in startups based in the Russian Federation or planning to enter the Russian market soon. Both parties plan to support the development of companies by engaging RDIF’s extensive network of international partners and establishing a synergy with projects that are part of the Sber ecosystem.
Launching a fund for early-stage startup investment is the first step toward the implementation of Russia's Innovative Development Strategy and the reform of development institutions being prepared by the Russian government. No such element for the support and development of small innovative businesses existed in Russia previously. Together with RDIF, we aim to establish a culture of technological and science-intensive entrepreneurship in Russia to cultivate unicorn startups that will be competitive in the international arena.
CEO, Chairman of the Executive Board, Sberbank:
In the context of RVC being placed into RDIF management, we plan to put much effort into investing in new funds. We are happy to announce the intention to create our first fund with Sberbank in line with RVC’s new management model adhered. We believe that the experience and expertise of our companies will create new opportunities to choose, support, and succeed in developing promising projects that will make a substantial contribution to creating innovative technologies while being vital drivers benefiting the growth of the Russian economy.
CEO, Russian Direct Investment Fund
"Creation of a joint fund with Sberbank is an important part of the new strategy of RVC aimed at achieving breakthrough growth of venture investment and strengthening Russia's position on the global high technology market. We are joining forces with partners to fully unlock the potential of Russian innovative start-ups, boost their competiveness and to help them become leaders on a global level."
Anatoly BravermanFirst Deputy CEO of the Russian Direct Investment Fund