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Russian Venture Company, a unit of the sovereign Russian Direct Investment Fund, and state-backed lender Sberbank are launching a joint $100 million fund to invest in start-ups.
The fund will target ventures based in the Russian Federation or companies planning to enter the market, RDIF said in a statement on Thursday. It will primarily invest in technology and science-intensive start-ups.
The two parties aim to support the development of early stage technology sector ventures in Russia, leveraging on RDIF’s network of international partners and establishing synergies with projects that are already part of Sberbank’s investment ecosystem.
“As part of RVC s transfer under RDIF s management we plan to actively work on investment into new funds,” Kirill Dmitriev, chief executive of RDIF, said.