Russian venture capital company RVC
Since 2006
Russia
Central Federal District of the Russian Federation
Moscow
123242, Kapranova Lane, 3 p. 4
Owners:
Federal Agency for State Property Management (Federal Property Management Agency) - 100%
Assets | Owners |
+ Russian Venture Capital Company (RVC) |
Russian venture capital company - JSC Russian Venture Capital Company (JSC RVC) was established in accordance with the Order of the Government of the Russian Federation dated June 7, 2006 No. 838-r with the aim of stimulating the creation of its own venture capital investment industry in Russia, the development of innovative sectors of the economy and the promotion of Russian knowledge-intensive technological products to the international market.
The authorized capital of RVC OJSC is 28 225 879 400 rubles.
Areas of activity
The main objectives of OJSC RVC are: to stimulate the creation of its own venture capital investment industry in Russia and a significant increase in the financial resources of venture capital funds.
The role of RVC OJSC in the innovation system is the role of the state fund of venture capital funds, through which state stimulation of venture capital investments and financial support of the high-tech sector as a whole are carried out.
RVC's investment activities are aimed at attracting private Russian and foreign investors to innovative segments of the Russian economy, as well as at developing new investment instruments of the national venture capital market.
This area of activity is implemented through the creation of funds on the basis of private-public partnership. RVC pays special attention to knowledge-intensive sectors with a low presence of private capital, which are important for the balanced innovative development of the country.
JSC Russian Venture Company (JSC RVC) is a state fund of funds, an institute for the development of the Russian Federation. The main activity of RVC JSC is the creation in Russia of its own venture capital investment industry, as well as the performance of the functions of the Project Office of the National Technological Initiative (NTI).
Management
The Federal Agency for State Property Management exercises the powers of the General Meeting of Shareholders of the Open Joint Stock Company "Russian Venture Company" (OJSC "RVC"), 100% of the shares of which are owned by the Russian Federation.
RVC CEOs:
- from November 23, 2020 - Anatoly Braverman
- since December 2016 - Alexander Borisovich Povalko
- from April 28, 2009 to 2016 - Igor Agamirzyan.
- until March 2009 - Alexey Korobov.
Investment area
Priority areas of investment of venture capital funds created with the participation of RVC OJSC are determined in accordance with the list of critical technologies approved by the President of the Russian Federation:
- Security and counter-terrorism;
- Living systems (understood as biotechnology, medical technology and medical equipment);
- Industry of nanosystems and materials;
- Information and telecommunication systems;
- Rational environmental management;
- Transport, aviation and space systems;
- Power and energy conservation.
Performance indicators
2018
The total number of funds formed by RVC JSC reached 27, their total size is 51.3 billion rubles. Share of JSC RVC - 26.8 billion rubles. The number of innovative companies invested by RVC funds has reached 202. The total amount of invested funds is 17.8 billion rubles.
2017
With the participation of capital, by December 2017, RVC formed 26 funds. Their total size amounted to about 35.1 billion rubles. The share of RVC in the formed funds is 22.5 billion rubles, the number of portfolio companies approved for investment by RVC funds has reached 217.
The total amount of funds approved for investment in innovative companies amounted to about 17.1 billion rubles (excluding projects from which the exit was made).
2016
By December 2016, 21 funds were created with the participation of RVC capital (including two funds in foreign jurisdiction), their total amount is 32.3 billion rubles. Share of RVC JSC - 19.9 billion rubles
The organization reports that in 2016 the number of innovative companies approved for investment by the funds of RVC JSC reached 194. The total amount of funds approved for investment is 17.5 billion rubles.
Funds
Managing organization: Infrafond RVC
Main article: Infrafond RVC
Infafond RVC - management organization:
- RVC Seed Investment Fund,
- Foundation Civil Technologies Defense Industry,
- RVC Biofund.
Infafond is also a subsidiary fund of RVC JSC.
Seed Investment Fund
Main article: Seed Investment Fund of the Russian Venture Capital Company
RVC biofund
In June 2010, RVC approved the concepts of the Biopharmaceutical Cluster Fund ("RVC BioFund"). In early 2011, RVC Biopharmaceutical Investments OJSC was established.
The initial value of Biofund was 500 million rubles. (about $16 million) with a planned increase to 1.5 billion rubles. ($48.6 million).
Biofund is focused on investments not only in producing biopharmaceutical enterprises, but also on service and infrastructure companies offering information, analytical and consulting services in medicine, pharmaceuticals and biotechnology.
Cluster fund of RVC of information and telecommunication technologies, built-in intelligent systems, mechatronics and robotics
- In March 2011, it became known that by the end of the year RVC will create a trust fund for investing in the IT industry told CNews RVC CEO Igor Agamirzyan[1]. According to him, the future fund is in the process of developing a concept, and its launch should be expected "towards the end of the year."
According to the head of the RVC, companies in the domestic IT sector do not experience a large shortage of investments from venture capital funds, since in addition to RVC, almost all venture investors in Russia work with IT companies.
- On April 13, 2011, RVC officially confirmed for the first time its intention to create a trust fund to invest in the IT industry.
The new fund will be called the "Cluster Fund of RVC Information and Telecommunication Technologies, Built-in Intelligent Systems, Mechatronics and Robotics," and its capital, according to Andrei Vvedensky, Director of the RVC Programs and Projects Department, will amount to 2 billion rubles. This amount is comparable to RVC's total investments in 2010, which amounted to RUB 2.7 billion.
The interests of the new fund will be extremely broad. As examples of projects where investments could be directed, RVC top managers, in addition to industrial and household robotics, call IT systems for managing low-margin oil wells and creating "smart homes" (in which energy management systems can reduce housing and communal services costs by 30-50%). However, they say, these areas of investment of the fund, most likely, will not be limited.
RVC Director Igor Agamirzyan said that the registration of the fund as a subsidiary of the Russian venture capital company can be expected at the end of 2011, and its financial content "will be phased as the projects are approved." The first investments of the "robot fund" will be made in the first months of 2012.
It is important to note that unlike most venture capital funds created by RVC, a large co-investor partner will not be invited to the cluster "fund for robots." According to Agamirzyan, "the fund will not be the leading investor at the project level, it will co-invest where there is already private capital."
The head of the RVC speaks of the investment goals of the newly created fund as "horizontal" - capable of affecting all sectors of the economy. Therefore, it is difficult to estimate the market volumes of "robotics, mechatronics and intelligent systems" (see Industrial robotics).
Regional venture capital funds in small enterprises in the scientific and technical field
As of August 2010 Russia , there are 22 regional venture capital funds for investments in small enterprises in the scientific and technical field, created in 2006-2010 by Ministry of Economic Development the Russian Federation together with regional administrations in the total amount of 8.624 billion rubles.
| № | Fund name | Management Company | Размер Фонда, | Year of creation |
| млн. руб. | ||||
| Regional Small Enterprise Investment Venture Fund | ||||
| 1 | города Москвы | Альянс РОСНО Управление Активами | 800 | 2006 |
| 2 | города Москвы (Второй) | ВТБ Управление активами | 800 | 2008 |
| 3 | Воронежской области | Сбережения и инвестиции | 280 | 2009 |
| 4 | Волгоградской области | Ай-Мэн Кэпитал | 280 | 2009 |
| 5 | Калужской области | Сбережения и инвестиции | 280 | 2010 |
| 6 | Краснодарского края | Ай-Мэн Кэпитал | 800 | 2009 |
| 7 | Красноярского края | Тройка Диалог | 120 | 2006 |
| 8 | Московской области | Тройка Диалог | 284 | 2007 |
| 9 | Нижегородской области | ВТБ Управление активами | 280 | 2007 |
| 10 | Новосибирской области | Ай-Мэн Кэпитал | 400 | 2009 |
| 11 | Пермского края | Альянс РОСНО Управление Активами | 200 | 2006 |
| 12 | Республики Башкортостан | Сбережения и инвестиции | 400 | 2009 |
| 13 | Республики Мордовия | Альянс РОСНО Управление Активами | 280 | 2007 |
| 14 | Республики Татарстан | Тройка Диалог | 800 | 2006 |
| 15 | Республики Татарстан (высоких технологий) | АК Барс капитал | 300 | 2007 |
| 16 | Самарской области | Инвест-Менеджмент | 280 | 2009 |
| 17 | Санкт-Петербурга | ВТБ Управление активами | 600 | 2007 |
| 18 | Саратовской области | ВТБ Управление активами | 280 | 2007 |
| 19 | Свердловской области | Ермак | 280 | 2007 |
| 20 | Томской области | Мономах | 120 | 2006 |
| 21 | Челябинской области | Сбережения и инвестиции | 480 | 2009 |
| 22 | Чувашской Республики | НИК Развитие | 280 | 2009 |
| 8624 | ||||
RVC representatives were introduced into the boards of trustees of 22 regional venture capital funds for investments in small enterprises in the scientific and technical field. Management companies are provided with expert support, as a result of which the investment committees of the funds approved 18 projects (out of 37 submitted) for a total amount of more than 0.7 billion rubles. RVC OJSC is already promoting portfolio companies of these funds on the market. In 2011, a significant increase is expected in the volume of venture capital investments made by regional funds with expert and other support from RVC OJSC.
Expertise of projects of regional venture capital funds
Starting from January 2010, all projects that are applicants for investments in regional venture capital funds of investments in small enterprises in the scientific and technical field are obligatory sent for examination to RVC OJSC. The decision to involve RVC in the additional examination of projects of regional venture funds was made Ministry of Economic Development Russia at the end of 2009 in order to professionalize control over the procedures by which regional fund management companies select projects for investment.
"In the first seven months of 2010, RVC OJSC received 31 projects for consideration, 12 of them are presented in an unfinished form," comments Ian Ryazantsev, Director of the Investment and Expertise Department of Russian Venture Company OJSC. - Unfortunately, the level of preparation of documents is extremely low, which often becomes the reason for refusing to consider the project. To date (August 2010), we have already approved 6 investment projects, and 5, unfortunately, had to be rejected due to the lack of signs of innovation of these projects. "
Among the reasons why projects are rejected or not accepted for consideration, Ian Ryazantsev called the insufficiency of the submitted documentation, the low degree of elaboration of projects, the lack of protection of intellectual property, etc.
"The main problem that we faced when working with management companies of regional funds is their unwillingness to a high level of preparation of a package of documentation on projects," continues Ian Ryazantsev. - In order to carry out a thorough comprehensive inspection at RVC OJSC, the package of documents must be supplemented with a number of documents significant from the point of view of the investor. But we see a positive attitude towards the process of considering projects on the part of management companies, so together we managed to resolve almost all issues and problems, which will result in a reduction in the time for consideration of applications, an increase in the flow of transactions. "
Currently, RVC OJSC is considering 8 projects, decisions on most of them will be made until mid-August 2010. In addition, RVC OJSC has received a summary of the investment projects planned for development: 4 projects from venture funds of the Republic of Bashkortostan and the Chelyabinsk region, 2 projects from the Samara Fund and 1 project from the Perm and Sverdlovsk funds.
OJSC RVC has extensive material on innovative projects and considers them from various points of view, promotes the application of best international practices in them, seeks to reduce unjustified risks and optimize conditions for both investors and project initiators. In addition, RVC closely cooperates with experts in many industries who also give their conclusions on the possibilities of successful commercialization of technological projects.
- On August 2, 2010, the development of regulations for the consideration of applications and decision-making on investment projects submitted to RVC OJSC by management companies of regional venture capital funds was completed. The adoption of the regulations will allow RVC and management companies of regional venture capital funds to come to common convenient standards. According to the regulations, the deadline for consideration of applications by the Russian Venture Company will not exceed 35 working days. In the near future, the regulations will go to the management companies of regional venture capital funds.
"The Russian venture capital company and its partners represented by managing companies of regional venture capital funds are interested in getting as many interesting innovative projects as possible," said Ian Ryazantsev. - Public money loves the account, and RVC sees one of its most important tasks in preventing the diversion of public funds into poorly prepared projects in order to avoid deliberate losses. The process of developing investment projects should be transparent to both parties. It is important for both RVC and the management company that submitted the project for examination to trust each other and be sure that the information is complete. The regulations we have developed will help solve the tasks set, taking into account the interests of all parties involved in the investment process, "summarizes the director of the RVC investment and expertise department.
Venture fund for the project "Personnel for the digital economy"
The Ministry of Economic Development of the Russian Federation and RVC agreed on the main parameters for organizing activities and financing a venture capital fund to support promising educational technologies of the digital economy. The document was signed in June 2019 at the St. Petersburg International Economic Forum by Deputy Minister of Economic Development of the Russian Federation Ilya Torosov and RVC Director General Alexander Povalko.
The fund is being created in pursuance of the federal project "Personnel for the Digital Economy" of the national program "Digital Economy of the Russian Federation" of the Government of the Russian Federation for the development of promising educational technologies using the best world technological solutions to increase the efficiency and accessibility of education. Within the framework of the Fund's activities, it is planned to develop Russian technology companies in the field of education with their subsequent expansion abroad, as well as the transfer of world educational technologies to Russia.
The total amount of the fund will amount to 7 billion rubles due to the provision of RVC from the federal budget in 2019-2021. budget investments with an increase in the equivalent part of the participation of the Russian Federation in the authorized capital of RVC. The period of activity of the Fund will be 10 years with the possibility of a double extension for a period of 1 year. The fund will be organized in the form of an investment partnership, while the managing comrade of the Fund will be determined as a result of the open selection procedure.
Within the framework of the Fund's activities, it is planned to organize acceleration activities, which will expand the funnel of potentially successful projects and stimulate the development of new technological solutions.
History
2024
Ex-head of Russian Venture Company sentenced to 4 years in prison
On October 18, 2024, the Tagansky District Court of Moscow announced the verdict to the former Director General of the Russian Venture Company (RVC) Alexander Povalko. He received four years in prison in an abuse of power case. Read more here.
Former board member RVC received 5.5 years in prison in the case of embezzlement of 1.3 billion rubles
On March 25, 2024, the Tagansky Court of Moscow sentenced Mikhail Chuchkevich, former director of the investment department and board member of the Russian Venture Company (RVC) Jan Ryazantsev and co-founder of the Bright Capital fund, to 5.5 and 6 years in prison for fraud, respectively. Read more here.
2022: The government changed its mind about allocating RVC 2.5 billion rubles to finance IT startups
The government has changed its mind about allocating 2.5 billion rubles to the Russian Venture Capital Company (RVC) to finance IT startups. These funds will go to "other" purposes, a representative of the government's press service told Vedomosti in February 2022.
According to the interlocutor of the publication, the current system of state support measures for the domestic IT industry involves "support for the development of IT projects at any stage of technological readiness," from financing research and development of prototypes to export. As specified in the Ministry of Digital Development, the decision was approved by the presidium of the government commission on digital development, the use of IT to improve the quality of life and conditions for doing business at the end of December 2021.
Justifying the decision not to distribute RVC 2.5 billion rubles, the government representative stressed that the period of activity of the venture capital fund, as a rule, is 8-10 years, of which the first 4-5 years is the investment period during which the target companies are selected and invested in them, and in subsequent years the exit from investments is carried out.
 | Thus, the model of creating an effective venture capital fund with an investment period of 2 years is unlikely, "he continued. |  |
Using budget funds for venture capital investments with high risks (according to statistics, 75% of startups do not justify investments) "requires more careful study, the source said.
| | Currently, RVC has the ability to carry out its activities at its own expense. At the same time, in the event of a significant increase in investment activities and the active implementation of the RVC development strategy, additional funds may be required in the future, a representative of the Russian Direct Investment Fund (RDIF) told Vedomosti. | |
He added that the issue of the possibility of obtaining funding from the Ministry of Digital Development concerned "the activities of RVC before the transfer of RDIF."
2021: Intention to create a fund with Sberbank to invest in technology startups
and Sber The Russian venture the company (RVC, part of the structure of the Russian Direct Investment Fund sovereign fund) RUSSIAN FEDERATION on April 8, 2021 announced their intention to create a joint fund with a total volume of $100 million for investments in technological and science-intensive. startups More. here
2020
Sale of a stake in Genetico
On November 26, 2020, the Russian Venture Company (RVC) announced the sale of its entire stake (17.79%) Genetico after investing 180 million rubles in this center for genetics and reproductive medicine. The deal was concluded with the founder and CEO of Genetico Arthur Isaev. Read more here.
Appointment of Anatoly Braverman as head of RVC
On November 23, 2020, it became known about the appointment of Anatoly Braverman to the post of head of the Russian Venture Company ((RVC). This was announced by the Russian Direct Investment Fund ((RDIF), in which Braverman is the first deputy general director. He will retain this position after RVC joins the RDIF. Read more here.
Searches in the office and in the house of the general director
On June 3, 2020, it became known about searches in the office of the Russian Venture Company (RVC) and in the house of its general director Alexander Povalko. Read more here.
Allocation of 300 million rubles for the development of quantum Internet in Russia
At the end of April 2020, it became known that RVC provided ITMO University with a grant in the amount of 300 million rubles for the development of a platform for quantum Internet. We are talking about a hardware and software solution called "Quantum Communication Platform of the Digital Economy," which is developing with the support of Russian Railways. It is planned to launch a pilot zone on the infrastructure of Russian Railways for the implementation of the platform in 2021. Read more here.
RVC-based technical committee to coordinate development of AI standards in healthcare
On February 26, 2020, RVC told Zdrav.Expert that in 2020 the first editions of national standards in the field of artificial intelligence in healthcare will be developed in Russia. The development will be coordinated by the Technical Committee for Standardization "Artificial Intelligence" (TK 164), created on the basis of RVC. Read more here.
Identify research centers and companies to fund the development of end-to-end technologies
On January 10, 2020, RVC identified the winners of competitive selection of leading research centers (PERSONS) and leading companies for the development of products, services and platform solutions based on "end-to-end" digital technologies. RVC will allocate 2.8 billion rubles to the winners of the competitions. 2 billion rubles - PERSONS, leading companies - 792 million rubles. Read more here.
2019
Where and how much RVC invested in 2019
RVC investments in portfolio companies in 2019 amounted to 1.3 billion rubles, and the total volume of exit transactions reached 2.3 billion rubles, an increase of 35% compared to 2018. Annual results of its activities The Russian venture capital company announced on January 27, 2020.
By the beginning of 2020, RVC includes 29 venture capital funds, including the New Industry Ventures fund, a fund with the Ministry of Industry and Trade of the Russian Federation in the field of pharmaceutical and medical industry, created in 2019 jointly by Gazprom Neft and co-investors, as well as a fund with the Ministry of Economic Development of the Russian Federation to support promising educational technologies. Other RVC partners in creating new funds include Phystech Ventures, the State Transport Leasing Company (GTLK) and Russian Railways.
In 2019, funds with the participation of RVC capital approved the provision of investments to 24 companies in the amount of 1.4 billion rubles, including 6 projects of the National Technology Initiative in the amount of 573 million rubles. During the year, 24 exits of RVC funds from portfolio companies took place.
By the beginning of 2020, the RVC fund portfolio has 180 companies. At the same time, 270 companies received investments from RVC funds at the beginning of 2020. The volume of funds created with the participation of RVC capital increased by 32% in 2019 and reached 64.4 billion rubles.
| | One of the key results of last year was the formation of a fundamentally new market instrument - the creation of two venture capital funds for the transformation of the educational and medical industries, "says Alexey Basov, Deputy General Director - Investment Director of RVC. - The state has demonstrated its readiness to create return financing tools using market mechanisms to support promising teams, technologies and projects.[2] | |
Digital Transformation Strategy Approval
On December 19, 2019, the RVC informed TAdviser about the approval of the digital transformation strategy.
The company's strategy is calculated until 2021. Its main goal is to create a transparent and convenient system of relations between the company and partners - from investment teams of venture capital funds to startups participating in RVC accelerators and NTI projects.
| | Digitalization should also increase the productivity of the company's business processes and ensure their measurability by various indicators, - noted in RVC | |
The digital transformation strategy, as indicated in the company, includes, in particular, such areas as information exchange of RVC with venture capital funds, aggregation and monitoring of data on funds and portfolio companies, management of relations with recipients of RVC support measures, partners and experts.
In 2019, in addition to RVC, many other state-owned companies and state corporations adopted digital transformation strategies.
Selection of Unicorn Capital Partners to manage a fund of high-tech medical projects
On December 18, 2019, RVC told Zdrav.Expert that it had determined the winner of the selection to manage the fund for high-tech medical projects.
The highest number of points in the open selection was scored by the Unicorn Capital Partners investment team. Read more here.
Public discussion of draft preliminary national standards in the field of IoT and IIoT
On June 24, 2019, the Technical Committee "Cyber Physical Systems" under Rosstandart presented for public discussion draft preliminary national standards (PNST) in the field of the Internet of Things and the industrial Internet of Things. The initiator of the development of documents was RVC. Read more here.
Establishment of the Technical Committee for Standardization of AI
On May 21, 2019, it became known that The Russian the Technical Committee for Standardization (RVC) will start working on the basis of a venture capital company (RVC) artificial intelligence(). AI His area of responsibility will be issues related to the regulatory and technical regulation of the applied use of AI technologies. More. here
2018
Development of the Venture Capital and Private Equity Market Development Strategy
RVC, together Ministry of Economic Development of Russia with, presented a draft Strategy for Market Development venture and Private Investment for the Period up to 2025 and a further perspective until 2030. The project was developed by RVC together with an international consulting PWC company commissioned by the Ministry of Economic Development. The strategy initiatives are aimed at expanding the circle of investors active in the venture capital market, attracting Russia foreign capital and stimulating the entry of Russian projects into international markets, developing infrastructure to support technological entrepreneurship and improving the regulatory framework, RVC reported TAdviser on December 18, 2018.
| | In the process of creating the strategy, we analyzed the experience of government support for the venture capital market of more than two dozen leading countries - from the United States and Israel to China and South Korea. In almost all examples, the state played a leading role in the "launch" of the venture capital market mechanism, then continuing to actively participate in the formation of a comfortable regulatory environment. The strategy initiatives are developed based on the best foreign cases that have brought a specific and measurable economic effect. The target indicators are calculated on the basis of a financial model that takes into account the current state of the Russian market and world benchmarks, "said Sergey Safonov, partner, head of the practice of providing consulting services to the financial sector, PwC Russia. | |
The development of the strategy is provided for by the action plan to stimulate the innovative development of Russia, approved by order of the Government of the Russian Federation in June 2017. The goal of the strategy is to create a mature venture capital investment industry in Russia, which implies an increase in the annual volume of transactions in the national venture capital market by 30 times by 2030 to 410 billion rubles a year. According to RVC estimates, achieving this indicator involves a 10-fold increase in the total capital supply in the venture capital market to 2.7 trillion rubles, an increase in the number of annually created high-tech projects by 2-2.5 times to 40 thousand, a twofold expansion of the market for innovative products to 10 trillion rubles, as well as an increase in the attractiveness of Russian jurisdiction.
The strategy includes more than 40 initiatives aimed at eliminating key barriers to the development of the venture capital industry in Russia. Among them are the removal of legislative restrictions and the creation of economic incentives for the entry into the market of new classes of investors, including non-state pension funds and insurance companies, which occupy a significant share in the global venture capital market.
According to the strategy proposals, NPFs can be able to invest a certain limit of funds in venture funds in the format of an investment partnership agreement selected as part of the certification procedure. At the same time, the necessary adjustments will be made to the approaches to assessing the risk of investments and the methodology of stress testing. To enter the Russian venture market of the first NPFs, it is proposed to implement a pilot project for the participation of NPFs in funds with state capital. Such funds will implement the principle of asymmetric distribution of profits, thanks to which NPFs will be able to get increased profitability. According to RVC experts, the implementation of the strategy measures will increase the share of NPFs in the capital of venture capital funds in Russia by 2030 to 10%.
To involve another most important category of investors - corporations - in the venture market, the strategy proposed a set of tax incentive measures. It involves reducing the tax base when calculating income tax when creating corporate venture capital funds, corporate participation in venture capital funds as LPs and big business investments in technology projects. The target for corporate capital in the venture capital market is 960 billion rubles by 2030.
Benefits in terms of personal income tax and an increase in the tax deduction limit are designed to stimulate investment in venture projects by private investors and business angels. In addition, the strategy provides for amendments to the legislation allowing the participation of individuals in investment partnership contracts, through which most venture capital funds are structured. In the field of tax regulation, it is also proposed to consider an initiative to reduce tariffs on contributions to social insurance funds for small innovative companies to 14%.
To access advanced international expertise, the strategy proposes the possibility of tax incentives for foreign companies when placing R&D centers in Russia and fulfilling R&D localization requirements. It is also planned to launch a program to systematically invest funds with state capital in global venture capital funds and foreign innovative companies. To accelerate the exit of Russian companies abroad, it is proposed to create acceleration centers that provide a range of services for finding international partners and promoting products in target markets.
| | The strategy sets itself an ambitious goal to radically transform the landscape of the Russian venture capital industry, increase the attractiveness and comfort of our market for all categories of participants, and achieve its competitiveness on a global scale. A set of strategy initiatives was developed by RVC in close cooperation and live dialogue with representatives of private funds and investors, development institutions, authorities, corporations. As a result, we received an applied tool for the systematic and comprehensive development of the venture capital market infrastructure on the horizon of the next 5-10 years, "said Alexey Basov, Deputy General Director - Investment Director of RVC. | |
A separate block of initiatives is devoted to increasing the availability of exchange platforms as the main tool for attracting investments for late-stage companies. The document proposed measures to revise the rules for listing fast-growing innovative companies, create a special methodology for preparing them for listing securities and subsidize the corresponding costs. In addition, the strategy proposes subsidizing bond rates to increase the attractiveness of innovative companies' instruments for investors, as well as launching a program to create pre-IPO funds. To facilitate working with debt financing, mature companies are provided with the introduction of lending mechanisms secured by intellectual property.
To increase the flow and quality of projects, strategy measures are aimed at developing the infrastructure for supporting technological business. In particular, by 2030 it is planned to launch in Russia at least 30 centers for collective use of services for small innovative companies (including services for customs clearance, registration of intellectual property, joint purchases, etc.), as well as at least 30 centers for testing and prototyping, where projects can use infrastructure for R&D, receive mentoring support, etc. Initiatives to develop the competencies of the venture community provide for the launch of educational programs for technological entrepreneurs and specialists of venture funds in conjunction with global educational centers.
| | The venture capital investment market is a necessary financial instrument for the scientific and technological development of Russia, the priority of which is fixed at the level of key state strategic documents. The Ministry is implementing a set of measures aimed at developing the venture capital market in Russia. In 2018, as part of the implementation of the instructions of the President of the Russian Federation, the creation of corporate venture capital funds in the largest state corporations and companies with state participation was ensured, amendments to industry laws on the organization of collective venture capital investments were prepared, a project was launched to support the entry of innovative companies into the public exchange market, which significantly expands the possibilities of "exit" venture investors from projects. The Ministry pays important attention to tax incentives for venture capital investments. Thus, in 2018, a resolution of the Government of the Russian Federation No. 356 was adopted, providing for an increase in the requirements for the maximum size of market capitalization for innovative stock companies and the maximum amount of revenue for innovative bond companies, allowing to increase the number of such companies whose investors can receive exemption from capital gains tax. The developed strategy will also make it possible to implement a systematic approach to the development of the venture capital investment market in Russia, taking into account state priorities for innovative and technological development, - said Artem Shadrin, Director of the Department for Strategic Development and Innovation of the Ministry of Economic Development. | |
Agreement with the Government of St. Petersburg
In November 2018, the Government of St. Petersburg and the Russian Venture Company (RVC) agreed on cooperation in the implementation of the National Technology Initiative (NTI). The corresponding agreement was signed by the vice-governor of St. Petersburg Sergey Movchan and the general director of RVC Alexander Povalko.
The purpose of the agreement is the implementation of projects and programs in the field of NTI and digital development on the territory of the city, the development of venture investment and ecosystem in St. Petersburg, as well as the popularization of technological entrepreneurship.
Cooperation will include, among other things, the development and holding of joint technological contests of NTI. Also on the agenda are holding thematic events of the all-Russian and international level, including project sessions, attracting venture investors to the region, participating in the development of the urban startup community and innovative infrastructure.
| | With the support of the Government of St. Petersburg, the regional ASI Boiling Point was opened on the territory of the LENPOLIGRAFMASH Technopark in St. Petersburg, which united the best intellectual resources of the region that form modern society and its development (business representatives, executive bodies of state power, engineers, scientists, teachers, students and graduate students. The Council for the Implementation of NTI in St. Petersburg was formed, the main task of which is to ensure the leadership of St. Petersburg companies in high-tech markets, creating all the necessary conditions for their development, as well as to assist in the preparation of innovative projects for participation in NTI and the development of proposals for the provision of support measures for organizations participating in NTI. | |
| | "St. Petersburg confirms the status of one of the scientific and educational centers of the country. In 2017, the city topped the rating of the Association of Innovative Regions of Russia. An active technological community is concentrated here from young innovative companies, leading engineering universities, business incubators, technology parks. On the basis of SPbPU, the NTI Competence Center for Production Technologies is successfully operating, and the ITMO University has a national center for cognitive development. St. Petersburg is already one of the pivotal regions of NTI development, we expect that our cooperation will be filled with joint projects. | |
2017
Results of the year: 26 funds, investments for 14 project companies
As of the end of 2017, with the participation of RVC capital, 26 funds were formed, the total amount of which amounted to about 35.1 billion rubles. At the end of 2017, medical technologies and pharmaceuticals (30%), information technologies and the Internet (29%), power (10%) became the main sectoral areas of investment of funds formed with the participation of RVC capital.
During the year, 11 design companies were approved for investment for a total amount of 438.4 million rubles. In general, in the field of investment activities, RVC funds in 2017 approved the provision of investments to 14 project companies for a total amount of 507.82 million rubles. The total amount of funds approved for investment reached 17.1 billion rubles.
In 2017, 6 "exits" from portfolio companies of funds with the participation of RVC capital took place.
In addition, in 2017, the RVC development strategy for 2017-2030 was approved, which defines the mission, strategic goal and tools that ensure the work of key areas of the company's activities: the development and implementation of financial and non-financial instruments for the development of the venture investment market and technological entrepreneurship, stimulating the creation of its own venture investment industry in Russia and performing the functions of the Project Office of the National Technology Initiative (NTI).
| | The strategic goal of RVC is to achieve the scale of activities comparable to similar European organizations by 2030. We are focused on the formation of a mature sustainable venture capital market in the country, ― said RVC CEO Alexander Povalko. ― We will form a system that ensures the implementation of a sufficient flow of projects. As a development institution, RVC takes into account the priorities that the state sets, almost all of our tools will be aimed at achieving the objectives of NTI. | |
The strategic goal of RVC is planned to be implemented mainly through the creation of new funds with the involvement of professional investors, investments in existing funds, technology companies, and work with portfolio companies of funds.
In 2017, RVC's international activities were aimed at creating a positive attitude towards Russian innovations in the global market, integrating technology companies into global technological chains and globalizing the Russian venture capital market. Geography included developed markets in Europe and North America, as well as technological hubs - Singapore, South Korea, Israel and others.
According to the results of 2017, the network of foreign partners of the RVC consisted of 1,500 organizations of the innovative ecosystem from 40 countries of the world and included state agencies, corporations interested in new technologies, universities and centers of the technical sphere, state development institutions and venture funds. Export revenue of portfolio companies of RVC funds for the three quarters of 2017 amounted to 1.88 billion rubles.
Agreement with the Venture Committee of the All-China Association for the Financial Advancement of Science and Technology
RVC and the Venture Committee of the All-China Association for the Financial Promotion of Science and Technology signed a cooperation agreement in the summer of 2017 aimed at developing venture markets and technology business of the two countries.
The document was signed by Deputy General Director of RVC Fedotov Mikhail and Chairman of the Venture Committee of the All-China Association for the Financial Promotion of Science and Technology (Committee) Xu Xiaoping at the Second China-Russia Forum "Investments in Innovation," which takes place on June 16-17 in Harbin.
As part of the cooperation, the parties will unite efforts to attract Chinese and Russian investors to implement joint innovative venture projects in Russia and China, as well as to promote the products of innovative and industrial enterprises in the Russian and Chinese markets. The agreement provides, in particular, for expert assessment, certification, marketing and exposure of innovative technologies and projects.
RVC and the Committee will also facilitate the transfer of innovative technologies aimed at modernizing production facilities and introducing new technological solutions.
The agreement pays considerable attention to building and expanding business ties, in particular, holding regular meetings of representatives of the technological business of Russia and China.
Within the framework of the partnership, a Russian-Chinese working group will be created. Its main tasks will be the joint preparation and implementation of programs and projects, as well as monitoring and analysis of cooperation activities.
RVC and Skolkovo create three venture funds with a volume of at least 6.6 billion rubles
According to the terms of the June 2017 agreement, the volume of RVC investments in each fund will amount to 1.5 billion rubles. Attracted external co-investments will amount to at least 0.5 billion rubles. during the first 12 months of each fund, as well as an additional 0.2 billion rubles. over the next 6 months. Thus, the total volume of funds will reach at least 6.6 billion rubles.
Funds are created in three industry areas: information technology, biomedicine and industrial technologies. Investment priorities have been developed taking into account the interests of the implementation of the "road maps" of the National Technology Initiative, as well as stimulating the commercialization of the research and development results of the companies of the Fund participants. "Skolkovo
The funds intend to invest in Russian technology companies that can become world leaders in their market segments. The share of such investments should be at least 50%. It is planned that the total number of companies invested by each fund will be at least eight, including early stage projects and mature companies. At the same time, the volume of investments in each company will not exceed 10% of the total investment obligations. The management company of the funds was Skolkovo ― Venture Investments LLC, a joint company of RVC and Skolkovo.
2016: Alexander Povalko appointed General Director of RVC
In December 2016, Alexander Povalko was appointed general director of the Russian Venture Capital Company (RVC). The announcement of Povalko's appointment took place at a meeting of the RVC board of directors.
Until that moment, the duties of the general director of RVC were temporarily performed by Evgeny Kuznetsov, the ex-deputy general director of RVC. The previous official head of the company - Igor Agamirzyan - voluntarily left his post in June 2016.
2011: Election of the Board of Directors
On June 30, 2011, within the framework of the annual general meeting of shareholders of RVC OJSC, the Federal Agency for State Property Management approved the annual report of RVC OJSC for 2010, the annual financial statements of RVC OJSC for 2010, and also elected new members of the board of directors of RVC OJSC and the management board of RVC OJSC.
7 people were elected to the Board of Directors of RVC OJSC:
- Igor Rubenovich Agamirzyan - General Director of RVC OJSC;
- Vardanyan Ruben Karlenovich - Chairman of the Board of Directors of the Troika Dialog Group of Companies (independent director);
- Guriev Sergey Maratovich - rector of the non-state educational institution "Russian Economic School" (independent director);
- Yigal Ehrlich - head of the venture program "Josma" (independent director);
- Oskolkov Ivan Valerievich - Director of the Department; Ministry of Economic Development Russia
- Alexey Sitnikov - Head of the Department of International Cooperation of the Non-Profit Organization "Foundation for the Development of the Center for the Development and Commercialization of New Technologies" (Foundation Skolkovo"");
- Yury Arkadyevich Udaltsov - Member of the Management Board, Director for Innovative Development of JSC Rusnano.
The Management Board of RVC OJSC was elected in the following composition (5 people):
- Agamirzyan Igor Rubenovich - General Director of RVC OJSC (Chairman of the Board);
- Vvedensky Andrey Valerievich - Director of the Department of Programs and Projects of RVC OJSC;
- Nikolay Lvovich Korolyov - Deputy General Director - Operating Director of RVC OJSC;
- Evgeny Borisovich Kuznetsov - Director of the Department of Development and Communications of OJSC RVC;
- Jan Vladimirovich Ryazantsev - Director of the Department of Investments and Expertise of RVC OJSC.
2010
Year-end: 12 funds, double investment growth
By the end of 2010, there were 12 venture capital funds created by RVC, 10 of which are registered in Russia and 2 in the UK. Their total size is about 25 billion rubles. with the share of RVC in their capital about 15 billion rubles.
According to the results of 2010, more than two-fold growth was shown compared to the results of 2009, both in terms of the number of new portfolio companies and in terms of investment. In 2010, OJSC "Russian Venture Company" from 7 ZPIF OR (B) I, created with the participation of RVC capital, received 44 projects for which an examination was carried out. 17 projects approved. 130 investment applications were submitted to the Seed Investment Fund by venture partners, of which 20 projects were selected by the FPI Investment Committee.
The total volume of investments in approved transactions of funds for the entire period of RVC OJSC's existence amounted to more than 6 billion rubles. In 2010, the volume of investments amounted to about 2.7 billion rubles, which is 45% of the volume of investments made over the entire life of RVC in the market and almost twice the volume of investments made in 2009 - 1.4 billion rubles.
If we consider the portfolio of RVC funds in terms of the number of companies, then as of January 1, 2011 it consisted of 58 companies, of which almost two-thirds of companies replenished the portfolio of funds created with the participation of RVC capital in 2010.
The largest increase in the total number of approved projects was made by the RVC Seed Investment Fund - 20 portfolio companies. At the same time, more than 50 preliminary applications and 20 full packages for transactions are under consideration in the permanent pipe-line at the FPI RVC. Currently, work is underway to directly link the timing of consideration of applications to the FPI RVC with the volume of requested investments in order to stimulate entrepreneurs to attract small amounts of investment (up to 3-7 million rubles). In the industry context, funds involving RVC capital invested mainly in biopharma, industrial production and information technologies in 2010.
As can be seen from the diagram (Fig. 3), the portfolio structure also changed markedly in 2010: two sectors of the economy were added: "alternative energy sources" and "building materials."
The share of investments of funds with the participation of the capital of the Russian venture capital company by sectors of the economy at the end of 2010 is shown in Fig. 4.
As of September 2010, in addition to two British funds, RVC funds were invested in seven venture capital and one seed fund in Russia. The number of companies invested by RVC funds in June 2010 reached 27, the total amount of invested funds - 4.413 RUR.
Memorandum of Cooperation with PwC
On December 7, 2010, PwC and the Russian Venture Capital Company (RVC) announced the signing of a memorandum on the implementation of projects to develop the venture capital investment and innovation and technology entrepreneurship industry in Russia.
Cooperation was to be carried out in several areas:
- educational programs for entrepreneurs engaged in the field of high technology and innovation;
- programs aimed at supporting and accelerating the development of small innovative companies, including joint organization and holding of investment competitions and other events that contribute to the implementation of this task;
- cooperation in the creation and development of a system for collecting and preparing analytical information on investment activity in the Russian venture capital market (similar to the MoneyTree™ study produced by PwC in conjunction with the National Venture Investment Association and Thomson Reuters in the United States);
- providing consulting support to small innovative and technology companies, as well as Russian and foreign venture capital funds investing in innovative and technological projects.
To implement the Memorandum of Understanding, PwC and RVC have established a working group that will prepare recommendations for joint activities, programs and projects, their implementation, as well as monitor and analyze cooperation under the Memorandum.
Igor Rubenovich Agamirzyan, CEO of the Russian Venture Capital Company, noted:
"When transferring the country to an innovative development path, we urgently need to master the best practices of the international venture capital market and innovative and technological entrepreneurship, access to the know-how of this business. In Russia, in a short time, all the necessary competencies and tools should be concentrated both to attract venture capital investments and to conduct them independently. That's not all, though. We also urgently need the emergence of high-quality and affordable - at a price and throughout the country - consulting services of the widest range for Russian innovative companies. And here, interacting with colleagues from PricewaterhouseCoopers can be very useful. We are confident that the Memorandum signed with PwC is just the first step in our long-term and mutually beneficial cooperation. "
Audit of the Accounts Chamber
As a result of the consideration on July 16, 2010 of the results of the control event "Comprehensive Verification of the Effectiveness of Property Contribution Management of the Russian Federation," the Board of the Accounts Chamber of the Russian Federation, chaired by Sergei Stepashin, identified a number of systemic problems that directly affect the effectiveness of RVC OJSC in the field of innovative economy and the formation of a venture environment.
As stated in the message on the official website of the Accounts Chamber of the Russian Federation, the planned control and indicative indicators of RVC activity for 2009-2010 are not balanced with the goals and corresponding targets of the socio-economic development of Russia, defined in the Concept of Long-Term Socio-Economic Development of the Russian Federation until 2020 and other strategic planning documents, including in the Strategy for the Development of Science and Innovation in the Russian Federation for the period up to 2015
In particular, there is no system of indicators characterizing the effectiveness of the use of property contributions of the Russian Federation to the authorized capital of innovative companies. As established by the audit, the bulk of RVC's funds are not invested in venture projects or innovative enterprises, but are placed on deposits with banks. As a result, the Board decided to send a submission of the Accounts Chamber of the Russian Federation to the Ministry of Economic Development of Russia, as well as a report on the results of the audit to the chambers of the Federal Assembly of the Russian Federation.
Investment in BrightSource Energy
The British RVC fund - Russian Venture Capital I LP - has invested $10 million in BrightSource Energy, a solar power.
Joining the IVP XIII Venture Fund
In September 2010, RVC announced the closure of the deal to join the late-stage venture capital fund Institutional Venture Partners XIII (IVP XIII). IVP formed a new fund of $750 million with a focus on late-stage technological innovation companies in August 2010. RVC's investments in the IVP XIII fund amounted to $10 million. The transaction was completed through the Russian Venture Capital II LP fund, which was registered on June 25, 2010 in the UK.
"Joining the RVC to the late-stage international fund will achieve several strategically important goals at once," said Ian Ryazantsev, director of the RVC investment and expertise department. - Obtaining information on methods and methods of formation of late-stage venture capital funds; access to extensive information on the most relevant ("hot") deals in the venture capital market; development of the partner network by building relationships with other investors in the formed venture capital fund; attracting partners in the fund to the Russian technology market as strategic co-investors and much more. "
Joining an international venture capital fund is a popular way to improve investment qualifications, said Yuri Ammosov, scientific director of the Innovation Institute at MIPT. Singapore, he said, has invested venture money in this way for 15 years and "it helped him." "IVP is one of the largest venture capital funds and getting there is quite difficult, so for RVC it is a great achievement," the expert adds.
Biofund and Infrafond concepts approved
In June 2010, RVC approved the concepts of the Biopharmaceutical Cluster Fund ("RVC BioFund") and the Infrastructure Investment Fund ("RVC InfraFund").
2009: CEO Alexey Korobov leaves the company
In March 2009, RVC CEO Alexei Korobov resigned. Together with him, financial director Olga Golikova and executive director Oksana Artyukhova left the company. Alexey Vladimirovich Kuzmin was appointed the new general director of RVC, who stayed in this position for several days.
See also
- Corporate venture in the IT industry of Russia
- Venture investing
- Venture capital investments in the IT sector of Russia
- Venture capital investments in Russia
Notes
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