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

Press release, 08.04.2021

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, 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."

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Russian Venture Company (RVC) is a state fund of funds and a development institution in the Russian venture capital market. The mission of RVC is to create a mature venture capital market through the consolidation and development of resources, competencies and initiatives on the part of investors, investment portfolio managers and entrepreneurs so as to create and promote innovative products and technologies in priority technology areas, making Russia a leader in the global technology market. As part of a reorganization of development institutions announced by the Russian Government, it was decided that RVC will be integrated into the Russian Direct Investment Fund (RDIF).

PJSC Sberbank is Russia’s largest bank and a leading global financial institution. Holding almost one-third of aggregate Russian banking sector assets, Sberbank is the key lender to the national economy and one of the biggest deposit takers in Russia. The Government of the Russian Federation represented by the Ministry of Finance of the Russian Federation is the principal shareholder of PJSC Sberbank owning 50% plus one voting share of the bank’s authorized capital, with the remaining 50% minus one voting share held by domestic and international investors. Sberbank has customers in 18 countries. The bank has a major distribution network in Russia with about 14,000 branches, while its international operations – subsidiary banks, branches, and chapters – include the UK, US, CIS, Central and Eastern Europe, India, China, and other countries. It holds general banking license No. 1481 dd. August 11, 2015, from the Bank of Russia. Official websites of the bank: www.sberbank.com (Sberbank Group website), www.sberbank.ru. In 2020, Sberbank underwent a rebranding, offering financial and non-financial services of the bank and Sberbank Group to individual and corporate customers. Today, the Sber ecosystem is a raft of services for life and daily assistance in handling pressing everyday issues for individual customers and businesses. The Sber ecosystem website: www.sber.ru.

For additional information contact:

Alexey Urazov
Russian Direct Investment Fund
Director for External Communications

Mobile: +7 915 312 76 65
E-mail: Alexey.Urazov@rdif.ru

Andrew Leach / Maria Shiryaevskaya
Hudson Sandler

Tel: +44 (0) 20 7796 4133