Central regions | Finance, business | Technology & innovation
Russian space agency and partners announce VC fund
30 Nov '17
Roscosmos, Russia’s national agency that implements space exploration programs, has teamed up with Russian Venture Company (RVC, the national fund of funds for innovation) and VEB Innovations (a high-tech investment arm of VEB Bank, one of Russia’s largest government-owned financial institutions) to launch a venture fund by April 1, 2018, the Russian news daily Vedomosti reported.
The partners have yet to disclose who will manage the combined assets and how much money each of the consortium members is intending to invest in venture projects. A source with knowledge of the situation, purportedly associated with RVC, told Vedomosti that it’s VEB that is likely to manage the new fund.
Roscosmos and its partners are supporting a new trend that has been emerging in Russia’s VC market and bringing this country’s largest state-owned corporations into the limelight. In addition to these large players, United Aircraft Corporation (UAC), United Shipbuilding Corporation (USC) and Rosatom, Russia’s nuclear energy giant, have announced plans to set up their own venture funds.
Last month UAC invested $5m in a new corporate venture fund which the Skolkovo Foundation and RVC had jointly set up to support Russian start-ups. USC’s own VC fund to finance shipbuilding and, possibly, other technologies is slated for launch in early 2018; first deals may be closed by September 2018 already. Just recently, Rosatom announced plans for its venture fund, too.