Russia-China Investment Fund, Winter Capital Invest $10Mln In Algorithmics School - RDIF
The Russia-China Technology Investment Fund (RCTIF) and Winter Capital Partners have invested $10 million in Algorithmics international school of mathematics and programming, the Russian Direct Investment Fund (RDIF) said on Friday
MOSCOW (Sputnik - 19th February, 2021) The Russia-China Technology Investment Fund (RCTIF) and Winter Capital Partners have invested $10 million in Algorithmics international school of mathematics and programming, the Russian Direct Investment Fund (RDIF) said on Friday.
The amount represents the first investment made by the RCTIF, established by the RDIF and the China Investment Corporation, to support projects in core sectors of the Russian and Chinese economies, according to a statement by the Investment Fund.
"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," RDIF CEO Kirill Dmitriev said as quoted in the press release.
According to the RDIF, the new funds will be used to develop the 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 worldwide.
Algorithmics teaches children programming and mathematics in offline and online formats, using a unique methodology and its own platform. 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. Over 150,000 students receive education in Algorithmics annually. Mail.ru Group previously invested in the development of the school.