Government fund of funds
Development institute of the Russian Federation

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RVC and Da Vinci Capital create a new fund for late stage technology projects

21.01.2019

RVC and Da Vinci Capital have announced the establishment of a joint venture fund Da Vinci Pre-IPO Tech Fund. The target size of the fund will be 6 billion rubles, of which 1.5 billion rubles will be contributed to the fund’s capital by RVC.

The new fund focuses on investments in growing technology companies with the potential for global scaling and IPOs. Priority segments for investment are IT solutions for businesses, fintech and blockchain, smart mobility, on-demand economy services, cross-industry B2B solutions based on IoT and big data technologies, artificial intelligence, AR/VR and cybersecurity. According to the investment strategy, at least 55% of the fund’s capital will be invested in Stage C and Pre-IPO companies.

The fund is managed by Da Vinci Capital. RVC’s share in the Da Vinci Pre-IPO Tech Fund capital is 1.5 billion rubles. It is planned to raise another 4.5 billion rubles from international investors. At the moment, the parties are negotiating the participation of a number of large Asian institutional investors in Da Vinci Pre-IPO Tech Fund.

“Da Vinci Pre-IPO Tech Fund was the first fund established as part of the company’s investment strategy updated last summer and the largest in the history of RVC. The fund focuses on investments in mature companies — for us it is, above all, an opportunity to influence the market imbalance associated with the lack of tools to support technology companies in the scaling, international expansion and IPO preparation stages. We are pleased to continue cooperation with the professional team of Da Vinci Capital, one of the leaders of the Russian venture capital market with serial experience in asset management and a history of successful exits, said Alexey Basov, Deputy General Director and Investment Director of RVC.

The fund aims to form a portfolio of 10 technology companies within 5 years. The fund operation period will be 10 years.

We continue to pursue our strategy of investing in Russian technology companies with potential for export revenue and international expansion, as well as a key strategy for IPO listing on the world’s leading stock exchanges.

Pre-IPO Tech Fund will invest together with international investors — parallel funds managed by Da Vinci Capital. The first investment is scheduled for February 2019, and several more investments are in the active stage of development and are planned to be closed by the end of the year, said Oleg Zhelezko, Managing Partner of Da Vinci Capital Group.

This is the second joint fund of RVC and Da Vinci Capital. The first Da Vinci Pre-IPO Fund was launched in 2015 and its investment period ended. Several listings on the Moscow Exchange and other international sites have been planned. The largest deals of the fund include investments in Gett taxi service, B2B-Center electronic trading system, Softline global IT provider, etc.




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