The Russia-China Technology Investment Fund and Winter Capital Partners invest in Algorithmics international school of mathematics and programming
This is the debut investment for the Russia-China Technology Investment Fund
Moscow, February 19, 2021 – The Russia-China Technology Investment Fund and Winter Capital Partners announce a joint investment of $10 million in Algorithmics international school of mathematics and programming.
This is the first investment made by the Russia-China Technology Investment Fund (RCTIF), established by the Russian Direct Investment Fund (RDIF, Russia’s sovereign wealth fund) and the China Investment Corporation (CIC, China’s sovereign wealth fund), to support projects in core sectors of the Russian and Chinese economies. One of the fund’s principal areas for investments is the development of high-tech projects.
Mail.ru Group also invested in Algorithmics during the earlier rounds of funding.
Algorithmics plans to use the new funds to develop its educational product, as well as to continue its international expansion by attracting new franchise partners, opening new schools and increasing the number of its students around the world.
Algorithmics teaches children programming and mathematics both offline and online, using its own platform and unique methodology. Since its foundation four years ago, Algorithmics schools have opened in 37 countries worldwide. The company has over 200 franchise partners in more than 250 cities. The company trains more than 150,000 students worldwide every year, using its unique educational content. Classes are held on an interactive IT platform, and the course materials are provided in 11 languages. Big data analysis performed by the platform allows Algorithmics to monitor educational results and the quality of teachers' work.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund and Chairman of the Board of the Russia-China Technology Investment Fund, said:
“Investment in Algorithmics is aimed at supporting one of Russia’s most promising companies in programming and mathematics tuition. Algorithmics’ strong growth in recent years has laid a solid foundation for its successful international development and its emergence as a global leader. Algorithmics’ unique educational content, based on the Russian methodology of teaching programming and mathematics, is in growing demand all over the world, and we expect that our joint investment will allow the company to continue its international expansion while bringing a high-quality Russian product to key markets.”
Anton Farlenkov, Managing Director at Winter Capital Advisors, said:
“The Winter Capital Partners funds are delighted to add such a strong EdTech market player as Algorithmics to their investment portfolio. We appreciate the achievements and the long-term potential of the company, which has every chance of taking a strong global position, and we are happy to support it in this. The global education market is now worth about $5 trillion and is expected to grow by 4% to 7% annually over the next decade. At the same time, the market is fragmented and at an early stage of development. In monetary terms, the Russian market accounts for a tenth of a percent of the global market, therefore, in our opinion, expanding into foreign markets is absolutely justified. Algorithmics’ successful international expansion is the main reason why the WCP funds decided to invest in the company.”
Andrey Lobanov, Founder of Algorithmics, commented:
“By the end of 2020, Algorithmics had launched in 37 countries and continues to actively expand its international presence. The key factors of our success are our IT platform, our high-quality educational content based on the Russian methodology of teaching mathematics and programming, and our system of working with our global franchise network. We plan to spend most of the new investment on product development and global expansion. Our aim is to become the number one international franchise in further education in programming and mathematics. The investment we have received will be enough to help Algorithmics to conquer the next stage in its development.”
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 80 projects with foreign partners totaling more than RUB2 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 18 countries that total more than $40 bn. Further information can be found at www.rdif.ru
China Investment Corporation (CIC) was founded on September 29, 2007, as a wholly state-owned company incorporated in accordance with China’s Company Law. CIC was established as a vehicle to diversify China's foreign exchange holdings and seek maximum returns for its shareholder within acceptable risk tolerance. As a long-term financial investor, CIC invests on a commercial basis. Additional information is available at www.china-inv.cn
Winter Capital Partners (WCP) investment funds are focused on private equity and venture capital investments in Europe and emerging markets with total assets under management of over $1 billion. The funds invest in fast-growing companies in industries from healthcare to education, financial and consumer services, as well as technology. Additional information is available on www.wintercapital.com
Algorithmics develops educational products for teaching children and adults programming and mathematics. Since its foundation four years ago, Algorithmics has opened schools in 37 countries and secured more than 200 franchisee partners in more than 250 cities. The company annually trains more than 150,000 students all over the world. The classes are held on Algorithmics’ own interactive IT platform, while the course materials are provided in 11 languages. Besides, Algorithmics works with general education schools, introducing its learning system into school lessons and training school teachers. In Azerbaijan, Algorithmics is implementing a large national project for schoolchildren from grades 2 to 11.
For additional information contact:
Alexey Urazov Andrew Leach / Maria Shiryaevskaya
Russian Direct Investment Fund Hudson Sandler
Director for External Communications Tel: +44 (0) 20 7796 4133
Mobile: +7 915 312 76 65
Winter Capital Advisors
Mob: +7 915 040 47 11