News

RVC and Sberbank will create a $100-million fund for investments in technology startups

08.04.2021
RVC and Sberbank will create a $100-million fund for investments in technology startups

Russian Venture Company (RVC, a part of the Russian Direct Investment Fund, the Russian Federation's sovereign wealth fund) and Sber announced their intention to create a joint fund totaling $100 million to invest in technology and science-intensive startups.

Investments will be made in startups mainly in the Russian Federation or those soon planning to enter the Russian market. The parties plan to support development of companies by involving a wide network of international RDIF partners and through synergy with projects in the Sber ecosystem.

Kirill Dmitriev, General Director of the Russian Direct Investment Fund (RDIF, RVC's management company), noted:
“As part of RVC's transfer under RDIF's management, we plan to actively work on investments in new funds. We are happy to announce our intention to create the first fund together with Sberbank as part of RVC's new management model. We believe that our companies' experience and expertise will create new opportunities to select, support, and successfully develop promising projects that will make a significant contribution to the creation of innovative technologies and become important drivers of growth in the Russian economy.”
Herman Gref, President and Chairman of the Management Board of Sberbank, commented:
“The creation of a fund for early investments in startups is the first step towards implementing the Strategy for Innovative Development of the Russian Federation and reforming development institutions, which is being developed by the government of the Russian Federation. Previously, there was no such element for the support and development of small innovative businesses in Russia. Together with RDIF, we want to create a culture of high-tech and knowledge-intensive entrepreneurship in Russia in order to produce unicorn startups that can compete on the world stage.”
Anatoly Braverman, First Deputy General Director of the Russian Direct Investment Fund (RDIF, RVC's managing company), noted:
“The creation of a joint fund with Sberbank is an important part of RVC's new strategy aimed at breakthrough growth of venture capital investments and strengthening Russia's position in the global high-tech market. We are joining forces with partners to fully realize the potential of Russian innovative start-ups, increase their competitiveness and become global technology leaders in the future.”


Information

JSC Russian Venture Company (JSC RVC) is a state fund of funds and an institution for developing the Russian Federation's venture capital market. The company's mission is to form a venture capital market by pooling and cultivating the resources, competencies and initiatives of investors, portfolio managers and entrepreneurs in order to create and promote innovative products and technologies in priority technology sectors, as well as to help Russia achieve global technological leadership. As part of a reform of development institutions announced by the Government of the Russian Federation, it was decided to include RVC in the RDIF structure.

PJSC Sberbank is one of Russia's largest banks and a leading global financial institution. Sberbank accounts for about a third of the assets of the entire Russian banking sector. Sberbank is a key lender for the Russian economy and holds one of the largest shares in the deposit market. Sberbank's main shareholder is the Russian Federation, as represented by the Russian Ministry of Finance, which owns 50% of Sberbank's authorized capital plus 1 voting share. The remaining 50% minus 1 voting share of the bank's authorized capital is owned by Russian and international investors. Clients in 18 countries use Sberbank services. The bank has an extensive branch network in Russia: approximately 14,000 service locations. The bank's foreign network consists of subsidiary banks, branches and representative offices in the UK, United States, CIS, Central and Eastern Europe, India, China and other countries. Bank of Russia General Banking Operations License No. 1481 dated August 11, 2015. The bank's official websites are: www.sberbank.com (Sberbank Group's website), www.sberbank.ru. In 2020, Sberbank rebranded itself and offers retail and corporate clients financial and non-financial services provided by the bank and companies in the Sberbank Group. Today the Sber ecosystem is a host of services for life and daily assistance in solving the urgent problems faced by retail clients and businesses. The Sber ecosystem's website is  www.sber.ru.

For further information, contact:

Alexey Urazov
Russian Direct Investment Fund
Director of External Communications
Mob: +7 915 312 76 65
Email: Alexey.Urazov@rdif.ru

Search by name:

Search by date:

Select date in calendar
Select date in calendar
Venue: