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Russian Venture Company (RVC)

Russian Venture Company (Russian: Российская Венчурная Компания) (OJSC) (RVC or Russian Venture Company) is a government fund of funds and a development institute of the Russian Federation, one of Russia's key tools in building its own national innovation system.

Russian Venture Company was established by Russian Government on June 7, 2006 (Order No. 838-r). Its mission is to encourage Russia’s own VC industry and boost capital of VC funds. RVC’s role is that of a government fund of venture capital funds channeling public incentives to venture capital and financial support to the hi-tech sector, and of a Russian VC industry development institute.

RVC’s authorized capital — RUB 28 225 879 400 (about US$ 960 mln.) — is 100% owned by the Federal Agency for State Property Management (Rosimushchestvo).

The Board

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The Board is composed of seven directors, including:

  • Elvira Nabiullina (Russian Minister of Economic Development)
  • Andrei Fursenko (Russian Minister of Education)
  • Igor Artemyev (Head of Antitrust Committee)
  • Sergei Guriev (Rector of Russian Economic School)
  • Yigal Erlich (founder and Managing Partner of Yozma Group)
  • Esko Aho (Prime Minister of Finland in 1991-1995, current member of the Executive Committee of Nokia Group)
  • Igor Agamirzian, CEO of RVC.

Venture activity

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RVC operates through private-public partnerships that take form of private VC funds: 49% of their capital is contributed by RVC—to be matched by 51% from private investors.

RVC backed VC funds’ investment priorities focus on technologies from the Critical Technologies List approved by Russian President. So far, these funds include:

  • VTB Venture Fund (RUB 3,061 mln i.e. about US$ 104 mln.)
  • Bioprocess Capital Ventures (RUB 3,000 mln i.e. about US$ 102 mln.)
  • Maxwell Bio-Tech (RUB 3,061 mln i.e. about US$ 104 mln.)
  • Leader Innovations (RUB 3,000 mln i.e. about US$ 102 mln.)
  • Tamir Fishman CiG Russian Fund (RUB 2,000 mln i.e. about US$ 68 mln.)
  • S-Group Ventures (RUB 1,800 mln i.e. about US$ 61 mln.) and New Technologies (RUB 3,061 mln i.e. about US$ 104 mln.)

Organization

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As on February 2010, RVC backed funds run a portfolio of 21 companies, invested capital totaling RUB 2,867 bln i.e. about US$ 97 mln.

On October 22, 2009, RVC launched its RVC Seed Fund. Its mission is to invest into Russian innovation-based start-ups promising high growth opportunities both on Russian and foreign IT markets. This RUB 2 bln (i.e. about US$ 68 mln.) vehicle is assisted by a network of Venture Partners—special entities who have access to academic, technology and financial resources required for their activities. As on early March 2010, RVC Seed Fund has awarded the Venture Partner status to 22 companies from 4 regions, with over 20 applications pending consideration. By late 2010 the network will include about 50 Venture Partners. All in all, RVC has backed eight funds to a total capitalization of RUB 21 bln i.e. about US$ 710 mln., its share amounting to RUB 11,282 bln i.e. about US$ 383 mln.

RVC has signed seven cooperation agreements with different Russian regions, with three agreements in the pipeline and another 19 to be signed by late 2010, covering 30% of Russian regions.

An important area of RVC efforts is infrastructural development. RVC is struggling to create an environment in Russia that would favor innovation business. These include legislative initiatives, efforts to launch an ecosystem as a partner network of RVC, and international efforts involving both import of technologies and competencies from developed innovation markets and assistance to Russian companies on their way to global markets.

Since May 2009, RVC is headed by a new CEO—Igor Agamirzian. His accomplishments include RVC Corporate Strategy and Business Plan 2010. As per these documents, RVC is planning this year to double its investments into innovation companies and increase its Seed Fund’s deals to RUB 440 mln, as well as to launch up to four new special purpose vehicles to a total capitalization of up to RUB 11 bln рублей i.e. about US$ 374 mln.

In the years to come, RVC is expected to play a pivotal role in the cause of developing Russian VC industry.


References

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