Sistema SmartTech
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History
2023: Sistema's withdrawal from the fund's capital
AFC "" System withdrew from the capital of the Sistema SmartTech venture fund. This was announced on September 27, 2023. "Interfax
The Sistema SmartTech Foundation was established in 2020 to fund early-stage startups. On September 26, the structure of Sistema PJSC Sistema Telecom Assets LLC ceased to own 90% of Sistema Smarttech LLC. The new owner of the stake was JSC Trans Capital.
The other 10% remained with Capital Invest LLC, the beneficiary of which is Dmitry Sherstobitov.
Trans Capital JSC was established in October 2022. Since May 2023, the owner of the legal entity is ZPIF "Modern Innovations."
The Sistema SmartTech Fund was created for eight years with an investment period of five years. The target volume of the fund is 5 billion rubles. It was assumed that AFK will act as an anchor investor. The management fund was the daughter of the Minister of Defense Ksenia Shoigu, who develops her own investment company Capital Perform. It was planned that during the work the fund will finance about 20 venture projects at an early stage. The volume of investments in projects could vary from 50 to 300 million rubles. The focus of the fund is projects of companies mainly of Russian origin at an early stage (from seed investments to round A) with the prospect of resale to a strategic investor.
Among the projects that received investments from Sistema SmartTech, we can highlight the Profilum youth career guidance platform, the Urent electric scooter rental service, The Mashina car subscription service, the Directual application development platform, and the MyGig part-time search platform.[1]
2022: Investing in MyGig, a Russian part-time search service
On January 10, 2022, it became known about investing 120 million rubles in MyGig. Sistema SmartTech, a venture capital fund of AFK Sistema, invested the most (50 million rubles) in this round of financing. Altus Capital and shareholders of Brayne's family office also took part in the transaction. The service for finding part-time jobs intends to spend the funds raised on the development of the platform and geographical expansion. Read more here.
2021
Investing in a cloud-based lowcode platform for Directual application development
On December 6, 2021, it became known about the investment in Directual by Sistema SmartTech, whose managing partner was Ksenia Shoigu (daughter of Defense Minister Sergei Shoigu). The company did not disclose the parameters of the transaction, including the financial component. Read more here.
Investing in Profilum Career Development Service
On July 29, 2021, AFK Sistema announced the investment of 130 million rubles in Profilum through its Sistema SmartTech fund. The raised funds service for professional guidance of school-age children is going to be spent on the development of the platform and its launch in new markets. Read more here.
Investing in The Mashina car subscription service
On May 14, 2021, it was announced that the Internet Initiatives Development Fund (IIDF) invested $500 thousand in The Mashina, and the Sistema SmartTech venture capital fund of AFK Sistema Vladimir Yevtushenkov - another $300 thousand. Read more here.
Investing 200 million rubles in the scooter rental service URent
On April 7, 2021, AFK Sistema announced the investment of 200 million rubles in the URent scooter rental service. The deal was concluded through the Sistema SmartTech fund, which is part of the state corporation. Read more here.
2020: Foundation launch
On February 27, 2020, AFK Sistema announced the creation of the Sistema SmartTech venture capital fund, focused on supporting companies at an early stage of development (from seed investments to round A). The fund with a target volume of 5 billion rubles will be managed by Ksenia Shoigu (daughter of RFU Defense Minister Shoigu).
Sistema SmartTech will invest in startups at an early stage, preferring Russian projects. The fund should become "a conductor between startups that offer the necessary solutions, but do not have experience in packaging the product, and large companies," said Ksenia Shoigu.
 | One of the key tasks of the fund is to find these names and provide the necessary resources and infrastructure for development. It is also important to help companies that sometimes do not have sufficient flexibility to integrate such technologies in a timely manner, she said. |  |
It is assumed that Sistema SmartTech will work for 8 years and will support about 20 venture projects, investments in each of them can range from 50 to 300 million rubles. The anchor investor of the fund will be AFK Sistema with investments of up to 1.5 billion rubles, other partners are not disclosed.
Sistema SmartTech will invest in projects of companies of mainly Russian origin, operating in various sectors of the economy and having growth potential due to the formation of new market niches. At the same time, preference will be given to projects with the prospect of sale to a strategic investor, for whom this project can become an important element of the ecosystem.
Sistema SmartTech is the fourth fund of AFK Sistema. The company already has Sistema Venture Capital for growth projects , Sistema Asia Fund for the markets of India and Southeast Asia, as well as a joint Rusnano Sistema SICAR fund with Rusnano.[2]
See also
Notes
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