RVC is a government fund of funds and a development institute of the Russian Federation, one of Russia's key tools in building its own national innovation system.
RVC was established by Russian Government on June 7, 2006 (Order No. 838-r). Its mission is to encourage Russia’s own VC industry and boost capital of VC funds. RVC’s role is that of a government fund of venture capital funds channeling public incentives to venture capital and financial support to the hi-tech sector, and of a Russian VC industry development institution.
Bearing in mind the priorities of the state, increase the volume, accelerate the growth, and adjust the areas of development of the venture capital market of the Russian Federation with the aim of improving the competitiveness of the innovative sector of the country's economy globally.
RVC’s authorized capital — RUB 30 011 320 700 (about US$ 574 mln.) — is 100% owned by the Federal Agency for State Property Management (Rosimuschestvo).
Board of Directors
Chairman of the Board of Directors:
- Anna G. Belova — Professor, Deputy Dean of the Graduate School of Business in the National Research University - Higher School of Economics
Members of the Board of Directors:
- Igor R. Agamirzian — CEO of RVC;
- Alexander A. Auzan — Dean of Faculty of Economics in Lomonosov Moscow State University, President of the National Project Institute “Social Contract”;
- Igor A. Drozdov — Senior Vice President, Chief Legal Counsel of Skolkovo Foundation;
- Sergey G. Polyakov — General Director of Foundation for Assistance to Small Innovative Enterprises (FASIE);
- Mikhail B. Rogachev — Director of Russian Foundation for Technological Development;
- Oleg V. Fomichev — Deputy Minister of Economic Development of the Russian Federation;
- Yuri A. Udaltsov — Deputy Chairman of the Management Board, Venture capital;
- Boris G. Nuraliev — Director of 1C Company.
- Igor Agamirzian — CEO of RVC;
- Egor Beketov — Director and Chairman of the Board of RVC Biopharmaceutical Investments (RVC Biofund);
- Andrey Vvedensky — Director of Investment Programs;
- Gulnara Bikkulova — Director, Technology Capital and Markets Access Department;
- Roman Kosyachkov — Deputy CEO, Vice Chairman of Management Board;
- Eugeny Kuznetsov — Director, Strategic Communications Department;
- Aleksandr Loktev — Director and the Chairman of the Board of RVC Infrastructure Investment Fund (RVC InfraFund);
- Alexander Potapov — Deputy CEO, Managing Director;
- Aleksey Teleshev — Director and the Chairman of the Board of RVC Seed Fund, Ltd. (FPI RVC).
Priority Investment Areas
RVC backed VC funds’ investment priorities focus on technologies from the Critical Technologies List approved by Russian President:
- security and counterterrorism;
- living systems (understood as biotechnologies, medical technologies and medical equipment);
- nanosystems and materials;
- IT systems;
- efficient nature management;
- transportation and aerospace systems;
- power generation and energy conservation.
RVC invests capital through VC funds that it creates in partnership with private investors.
All in all, RVC has backed 20 funds (including 2 funds in under a foreign jurisdiction) to a total capitalization of RUB 28,9 bln i.e. about US$ 553 mln., its share amounting to RUB 18,3 bln i.e. about US$ 349 mln.
- VTB Venture Fund (RUB 3,061 mln i.e. about US$ 85 mln),
- Bioprocess Capital Ventures (RUB 3,000 mln i.e. about US$ 83 mln),
- Maxwell Biotech Venture Fund (RUB 3,061 mln i.e. about US$ 85 mln),
- Leader Innovations (RUB 3,000 mln i.e. about US$ 83 mln),
- Innovation Solutions (RUB 1,800 mln i.e. about US$ 50 mln),
- S-Group Ventures (RUB 1,800 mln i.e. about US$ 50 mln),
- New Technologies (RUB 612 mln i.e. about US$ 17 mln),
- RVC Seed Fund (RUB 2,000 mln i.e. about US$ 55 mln),
- RVC Infrastructure Investment Fund (RUB 1,100 mln, to be increased to RUB 2,000 mln),
- RVC Biopharmaceutical Investment Fund (RUB 786 mln, to be increased to RUB 1,500 mln),
- Civil Technologies, ltd (RUB 500 mln, to be increased to RUB 1,000 mln),
- RBV Capital (RUB 2 070 mln, about US$ 34 mln),
- Softline Seed Fund (RUB 34 mln i.e. about US$ 1 mln),
- High Technologies Seed Fund (RUB 33 mln i.e. about US$ 1 mln),
- Venture Fund Accelerator (RUB 33,4 mln i.e. about US$ 1 mln),
- Seed fund ACP (RUB 33,4 mln i.e. about US$ 1 mln),
- RUSSIAN VENTURE CAPITAL I LP (Great Britain) (US$ 38 mln),
- RVC IVFRT LP (Great Britain) (US$ 40 mln).
As on 2014, RVC backed funds run a portfolio of 175 companies, invested capital totaling more than RUB 15,7 bln i.e. about US$ 301 mln.
RVC has signed 36 cooperation agreements with different Russian regions.
An important area of RVC efforts is to create and support a special-purpose service infrastructure for VC market players, to increase transparency of investee funds and companies, to ensure enabling conditions in Russia for international investors and entrepreneurs and to optimize legislation affecting the development of innovative business. RVC is improving investment mechanisms to consolidate various industry-specific technology clusters in Russia.
RVC is pursuing international efforts in order to import modern technologies, knowledge and technology entrepreneurship know-how, as well as to assist Russian companies on their way to global markets.
Since May 2009, RVC is headed by a new CEO — Igor Agamirzian. His accomplishments include RVC Corporate Strategy, Position about the investment policy and Directions of work of the RVC for 2014-2016. As per these documents, RVC is planning to intensify investments in innovative companies and form a number of special-purpose funds.
In the years to come, RVC is expected to play a pivotal role in the cause of developing Russian VC industry.