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2024: Foundation Launch
On June 13, 2024, it became known that Rostelecom was launching a new venture capital fund, Console, with a volume of 8 billion rubles. The main goal of the fund will be to invest in domestic software developers, including system software, cloud and server solutions.
According to the company, the priority areas of investment will be platform and system software, cloud and server system solutions, solutions for business process management, artificial intelligence platforms and software for the Internet of Things. Rostelecom emphasizes that the key criteria for selecting companies for investment will be the presence of already functioning product solutions, confirmed sales and growth hypotheses, as well as the correct registration of rights to software.
According to representatives of Rostelecom, the launch of the new fund is aimed at supporting and developing Russian IT solutions. Large companies interested in the development of domestic IT solutions are considered as co-investors.
According to SPARK-Interfax, Rostelecom already has experience in venture capital investments. Since 2013, the company has owned 100% of Commit Capital LLC, which invests in technology companies engaged in import substitution of equipment, software and solutions for telecom.
According to Kommersant, the launch of a new venture capital fund is taking place against the backdrop of a fall in the venture capital investment market in Russia to a seven-year minimum. The volume of investments in IT startups in 2023 decreased by 83%, to $71 million. Nevertheless, as noted by Elena Volotovskaya, Managing Partner of Softline Venture Partners, the market will slowly recover, although it is still far from the values of 2020-2021.
The founder of the analytics company Dsight Arseniy Dabbach agrees with this assessment, noting that the market is unlikely to return to 2020 levels anytime soon. However, the partner of the venture capital fund "" Rising Konstantin Gibalo believes that the emergence of new investors will have a positive effect on the liquidity of projects that are now limited in funding sources.[1]
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