Sberbank, RVC to form $100 mln fund to invest in tech startups

Interfax, 08.04.2021

MOSCOW. April 8 (Interfax) - Sberbank (MOEX: SBER) and Russian Venture Company (RVC), a division of the Russian Direct Investment Fund (RDIF), plan to form a joint fund with capital of $100 million to invest in technology and science-intensive startups, the bank said in a statement.

Investments will be made in startups based in Russia 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, the bank said.

"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," Sberbank president and CEO Herman Gref was quoted as saying in the press release.

"In the context of RVC being placed into RDIF management, we plan to put much effort into investing in new funds," RDIF chief executive Kirill Dmitriev 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," RDIF first deputy CEO Anatoly Braverman said.