RVC and Sber to launch a $100 mn fund for investment in tech startups

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RVC and Sber to launch a $100 mn fund for investment in tech startups

Moscow, April 8, 2021 – Russian Venture Company (RVC, part of the Russian Direct Investment Fund, Russia’s sovereign wealth fund) and Sber have announced their intention to launch a $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.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF, a managing company of RVC), commented:

“As part of RVC’s transfer under RDIF’s management we plan to actively work on investment into new funds. We are delighted to announce our intention to create the first fund with Sberbank in line with RVC’s new management model. We believe that our companies’ expertise and experience will help create new opportunities to select, support and successfully develop attractive projects that can make significant contribution to the creation of innovative technologies and emerge as important drivers of Russian economic growth.”

Herman Gref, CEO, Chairman of the Executive Board of Sberbank, commented:

“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.”

Anatoly Braverman, First Deputy CEO of the Russian Direct Investment Fund (RDIF, a managing company of RVC), said:

“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.”