25 Mar '19
RVC, Russia’s sovereign fund of funds for innovation, and Da Vinci Capital, a private VC fund, are putting together a joint venture fund called Da Vinci Pre-IPO Tech Fund.
For this $92m new fund, RVC is expected to ante up $23m. The partners plan to raise the remaining $69m from international investors. At this stage, they are reported to be in talks with a group of sizable Asian institutional investors regarding the latter’s participation in Da Vinci Pre-IPO Tech Fund.
The new fund will be focused on investing in growing tech companies that have clear potential for global scaling and IPOs.
The priority areas for investing include IT solutions for business, fintech, blockchain, smart mobility, services for on-demand economy, cross-sectoral B2B solutions based on Internet of Things and big data technologies, artificial intelligence, AR/VR, and cybersecurity.
According to the fund’s strategic plans, at least 55% of its overall capital must be invested in C and pre-IPO stage companies.