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Russia to step up support of IT, biomed and industrial tech developments

The funds will be supporting Skolkovo-bred start-ups, so giving the Skolkovo Foundation a mandate to run the fundsí day-to-day operations is expected to ensure quality investment

Nov 10, 2016
Russian Venture Company (RVC), Russiaís national fund of funds for innovation, has recently set up three joint funds with the Skolkovo Foundation that manages this countryís most widely touted innovation hub under construction just outside Moscow, and is now investing more than $70m in these, Firrma.ru reported.

All government decisions regarding the three funds will be made by the year-end, RF Deputy Minister of Economic Development Oleg Fomichov said. Whatís known now is that itís Skolkovo Venture Investments, a company the Skolkovo Foundation decided to set up as subsidiary back in September, that is expected to manage the new joint funds.

Fund 1 will be investing in IT projects; fund 2 will focus on biomed; and fund 3 on industrial tech. RVC is expected to ante up about $24m for each of these, while Skolkovo has undertaken to bring private co-investors on board, which will be expected to invest about $8m in each of the funds over the first year of their operation. Another $24+m are expected to come from private coffers in years 2 and 3 of the fundsí existence. Each of the three will be able to shell out an average of $1.6m per project.

The funds will be supporting Skolkovo-bred start-ups, so giving the Skolkovo Foundation a mandate to run the fundsí day-to-day operations is expected to ensure quality investments, the partners believe.