Russian Venture Company (RVC, a part of the Russian Direct Investment Fund, the Russian Federation's sovereign wealth fund) and Sber announced their intention to create a joint fund totaling $100 million to invest in technology and science-intensive startups.
Investments will be made in startups mainly in the Russian Federation or those soon planning to enter the Russian market. The parties plan to support development of companies by involving a wide network of international RDIF partners and through synergy with projects in the Sber ecosystem.
JSC Russian Venture Company (JSC RVC) is a state fund of funds and an institution for developing the Russian Federation's venture capital market. The company's mission is to form a venture capital market by pooling and cultivating the resources, competencies and initiatives of investors, portfolio managers and entrepreneurs in order to create and promote innovative products and technologies in priority technology sectors, as well as to help Russia achieve global technological leadership. As part of a reform of development institutions announced by the Government of the Russian Federation, it was decided to include RVC in the RDIF structure.
PJSC Sberbank is one of Russia's largest banks and a leading global financial institution. Sberbank accounts for about a third of the assets of the entire Russian banking sector. Sberbank is a key lender for the Russian economy and holds one of the largest shares in the deposit market. Sberbank's main shareholder is the Russian Federation, as represented by the Russian Ministry of Finance, which owns 50% of Sberbank's authorized capital plus 1 voting share. The remaining 50% minus 1 voting share of the bank's authorized capital is owned by Russian and international investors. Clients in 18 countries use Sberbank services. The bank has an extensive branch network in Russia: approximately 14,000 service locations. The bank's foreign network consists of subsidiary banks, branches and representative offices in the UK, United States, CIS, Central and Eastern Europe, India, China and other countries. Bank of Russia General Banking Operations License No. 1481 dated August 11, 2015. The bank's official websites are: www.sberbank.com (Sberbank Group's website), www.sberbank.ru. In 2020, Sberbank rebranded itself and offers retail and corporate clients financial and non-financial services provided by the bank and companies in the Sberbank Group. Today the Sber ecosystem is a host of services for life and daily assistance in solving the urgent problems faced by retail clients and businesses. The Sber ecosystem's website is www.sber.ru.
Russian Direct Investment Fund
Director of External Communications
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