VEB Ventures Venture Fund ВЭБ.РФ
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2023
Veb Ventures bought 53% of the Развивай.рф marketplace from VK
On December 20, 2023, it became known that the Veb Ventures fund entered into an agreement to buy out VK's stake in the Развивай.рф marketplace (part of the ВЭБ.РФ group). The deal, the amount of which was not disclosed as of the specified date, is expected to allow VK to focus on the development of other B2B areas. Read more here.
Exiting TEA NEXT
ВЭБ.РФ withdrew from the capital of Atlas, a joint venture with Rostelecom for the construction of a Europe-Asia fiber optic line. This became known on August 9, 2023. Read more here.
2022
Stop investing in startups and plan to transfer portfolio companies to other structures
In July 2022, it was announced that VEB's VEB Ventures investment fund would stop investing in startups. The fund is negotiating the transfer of portfolio companies to other structures in order to "get them out of the blow" after the sanctions imposed on it by the United States and their satellite countries against the background of Russia's special operation in Ukraine.
Among the assets in which Veb Ventures has already invested: Zyfra Group of Companies, scooter rental service Urent, developer of urban services AlphaOpen, telemedicine service Doctor Nearby, developer of new O3 materials, financial products for business "Development," developer of technological solutions in the field of sports "League of Sports."
The industry priorities of VEB Ventures (formerly VEB Innovations) for investment were:
- Blockchain, including in the public administration system;
- Marketplaces V2V;
- Private equity in space technology;
- Infrastructure for new technologies;
- NBIX technologies.
Investing in the Russian EdTech platform "Profilum"
Venture fund "ВЭБ.РФ" - VEB Ventures - invested 520 million rubles in the Russian EdTech platform [[[Profilum|"Profilum]],[[[Profilum|"]] which was announced on June 14, 2022. The startup intends to spend the raised funds on product development, as well as on distribution in the Russian Federation and the creation of new solutions. Read more here.
Investing in URent scooter rental service
The Russian scooter rental service Urent raised 2.09 billion rubles to double the fleet and expand in. RUSSIAN FEDERATION In addition, with the funds received, it is planned to open new service centers, improve security and develop B2B products, such as a service for courier services. This was announced on February 21, 2022. Most of all in the framework of the investment transaction startup invested - MTS 740 million rubles. The private equity fund VPE Capital invested 700 million rubles, the venture capital fund VEB Ventures of the "" group - ВЭБ.РФ 650 million rubles. More. here
Investing in 5D printer developer Stereotech
The developer of 5D printers Stereotech raised 100 million rubles of investments, which was announced on February 11, 2022. The company has invested in the venture capital fund of the National Technology Initiative (NTI) under the management of Kama Flow. In 2019, VEB Ventures joined the fund. Read more here.
Investing 300 million rubles in Profotec
Venture fund VEB Ventures (ВЭБ.РФ Group) on January 27, 2022 told TAdviser that it had invested 300 million rubles in Profotec JSC, a developer of innovative current transformers for the electric power industry based on unique electronic optical technologies. The financing will be aimed primarily at scaling sales in Russia and in international markets, increasing production capacity, expanding the product line, further R&D and marketing. Read more here.
2021
Buying a stake in a manufacturer of devices for the medical Internet of Things
At the end of December 2021, it became known about the investment of 400 million rubles in Mircod. The venture capital fund VEB Ventures (investment structure "ВЭБ.РФ") has invested in the developer of biotechnological equipment. The startup will spend the funds raised to increase the number of developers, as well as to strengthen its position in Western markets. The assessment of the Mircod based on the results of financing is not indicated. Read more here.
Creation of a joint venture with Rostelecom to launch a high-speed communication line for $650 million
On December 9, 2021, Rostelecom announced the creation of the Atlas project company, through which the construction of the main fiber-optic communication line (FOCL) "Transit Europe - Asia of the New Generation" (TEA NEXT) will be carried out. Read more here.
Agreement with Maxima Telecom on the creation of urban digital solutions
On September 3, 2021, Maxima Telecom announced that it would continue the technological modernization of the public transport system and the development of the infrastructure of urban services together with VEB Ventures. Read more here.
2020
Investing Rs 500 mln in Delivery IT trucking platform
At the end of December 2020, the ВЭБ.РФ investment company VEB Ventures invested 500 million rubles in the developer of IT solutions for cargo transportation Delivery and became its shareholder (the share is not specified). This is stated in the message of the state corporation. Read more here.
Investing 1 billion rubles in the "Figure" group
On December 22, 2020, it was officially announced that it would invest 990 million rubles in Zyfra. An investment subsidiary of the ВЭБ.РФ, VEB Ventures, has invested in a group of companies developing IT solutions for the digitalization of the mining, oil and gas, chemical and engineering industries. Read more here.
Investing in the Russian developer of technologies for smart cities Alphaopen
On October 12, 2020, it became known about the attraction of Alphaopen about 260 million rubles of investments from the funds of ВЭБ.РФ (Veb Ventures) and Rosatom (Orbita Capital). They have invested 130 million rubles in a technology developer for smart cities and intend to provide additional funding in the future. Read more here.
Investing 1 billion rubles in the company "Doctor Nearby"
On May 13, 2020, it became known that the ВЭБ.РФ is investing 1 billion rubles in the development of clinics and the Doctor Nearby telemedicine platform. The money will be provided through the VEB Ventures structure. Read more here.
2019: Rebranded as VEB Ventures
On June 7, 2019, VEB Innovations, the structure of the ВЭБ.РФ state corporation, announced a name change and an updated development strategy until 2024. The company will be called VEB Ventures. The main task facing it is to make direct investments in high-tech projects and create joint venture funds with corporate partners and market players.
According to the presented strategy, the fair value of the portfolio will amount to 34.8 billion rubles against the initial 0.9, and the accumulated result of the concluded transactions will reach 182, the first 6 of which are planned to be concluded by the end of 2019.
VEB Ventures' foundational investment approaches include the creation and development of a strategic investment structure, support for high-tech projects at the early growth stage, and returns at a level acceptable to key investors.
Priority in financing is given to projects with investment potential based on high technologies that have passed expertise and received the support of VEB Group and development institutions, as well as those adopted within the framework of the NTI and the activities of the national program "Digital Economy of the Russian Federation." In this case, the technological readiness of the product should be at least TRL 4.
VEB Ventures will work on a co-investment model with the involvement of third-party funds, including private ones, and create new funds - corporate, regional and international, the number of which will increase from 4 to 10 to 2024. Active investments will be launched in two waves: 2019-2021 and 2023-2025.
 | Russia has many investment institutions working with companies in the early stages of development. Unfortunately, we see a lack of funding for projects that have already received their first investments, but have not yet reached self-sufficiency. But it is in this niche that we see huge development potential. VEB Ventures is not interested in highly specialized direct investment alone. Our activities will be concentrated in areas with low market concentration and significant development potential in the Startup and Early Stage stages. For example, advanced production, biomedical and environmental-saving technologies, smart cities, new modes of transport. The company sees its task in eliminating the gap in the transition of a specific project from seed financing to growth investments, "said Oleg Teplov, CEO of VEB Ventures. |  |
In addition to Oleg Teplov, the VEB Ventures team will include highly qualified specialists from such Russian and international companies and institutions as Skolkovo, Severstal, McKinsey, Rusnano, BCS, Sberbank CIB.[1]
2018: VEB Innovations and RVC will jointly finance NTI projects
The total amount of the fund and the funds raised in the form of co-investments in portfolio companies will be at least 3.5 billion rubles. The fund's industry priorities include big data storage and analysis technologies, artificial intelligence, blockchain, quantum technologies, new energy sources, robotics, virtual and augmented reality technologies, neurotechnology, etc.
In May 2018, at the St. Petersburg International Economic Forum, VEB Innovations LLC and RVC signed a cooperation agreement aimed at developing projects of the National Technology Initiative, the Digital Economy of the Russian Federation program, as well as supporting promising projects in the field of "end-to-end" technologies and assisting Russian innovative companies in entering international markets.
The cooperation will be carried out in the format of joint consideration of high-tech projects and the provision of financing on the terms determined by the agreement of the investment partnership "Venture Fund of the National Technology Initiative."
VEB Innovations is considering the possibility of becoming one of the co-investors of the NTI Fund for joint investments in Russian technology companies at the seed stage, stage of financing "A" and "B," which create intellectual assets based on scientific and technological know-how in priority areas of NTI. The NTI Fund is created by RVC as part of the implementation of venture support for projects of the National Technology Initiative. The total amount of the fund and the funds raised in the form of co-investments in portfolio companies will be at least 3.5 billion rubles. The fund's industry priorities include big data storage and analysis technologies, artificial intelligence, blockchain, quantum technologies, new energy sources, robotics, virtual and augmented reality technologies, neurotechnology, etc.
The agreement also provides for the active interaction of VEB Innovations and RVC in the exchange of experience and information in order to develop innovative projects and venture financing for high-tech projects in Russia.
2017
Transformation in LLC: Changes in Financing Policy
The VEB Innovation Fund, founded by Vnesheconombank in 2011, was transformed in 2017 from an NGO to an LLC, while receiving from the state the right to support diverse innovative projects with investments in the amount of up to 500 million rubles. The transformed fund began its operating activities in September 2017. At the end of September 2017, the head of VEB Innovation, Advisor to the Chairman of Vnesheconombank Kirill Bulatov told CNews about this.[2]
As for the NGO "VEB Innovations," then, according to him, this structure will continue to exist as a separate legal entity with a different name and will specialize in projects related to the blockchain.
| | What arose in 2011 is now being closed in the form in which it was, "Bulatov explained. - The functions are transferred to a company organized in the form of a limited liability company, which begins operations from scratch. It will be a fund of foundations. We will work as a direct investor. | |
Major changes
As a result of the changes that have taken place, the fund will be able to support not only startups Skolkovo in the areas of IT, biomedicine, space, energy efficiency and nuclear technologies - invested projects can work in any direction, while they do not have to be tied to. Russia
In particular, over the next two years, the fund plans to conclude transactions with Chinese companies in the field of AI, uberization, quantum technologies, biotech, and crowdfunding, the head of VEB Innovation shared. Investments in IT are also planned, but "with an eye to some kind of large-scale idea," for example, on the development of quantum technologies - in terms of computing or cryptography.
In addition, thanks to the ability to attract third-party investors, the total amount of financing is now unlimited, while earlier the limit on the fund's targeted funds was set at 1 billion rubles. At the same time, VEB Innovations still set short-term limits on the expenditure of own funds, but Kirill Bulatov refused to name them, citing commercial secrets.
| | As follows from his words, VEB Innovations is interested in financing not formed projects, but, rather, ideas for creating or developing promising technologies: "We do not work with what we are, but give the task to solve such a problem and allocate funding for the team that is just to be formed. We will solve today's problems. " | |
Finally, in terms of project support tools, the fund intends to use the entire arsenal of available funds - entry into capital, provision with borrowed funds. At the same time, as part of the launch of funds, it is planned to create both a guarantee fund and a pre-IPO fund - according to Bulatov, "this requires individual specialists and skills that will allow the company to provide a much larger range of services."
First deals
In July 2017, VEB and the State Development Bank of China signed a framework agreement on cooperation in the field of innovation totaling 50 billion rubles (about $850 million). The parties agreed on a financing period of up to 15 years, as well as attracting VEB up to $2 billion to support innovative projects from Russia and other countries. As Bulatov specified, VEB Innovation will manage the funds raised by Vnesheconombank.
In addition, an agreement was signed with a private Indian company to invest $200 million in innovative projects.
In addition, as Kirill Bulatov added, VEB Innovation has additional requests for entry into joint projects from European investors from several countries and Asian investors not from China.
Selection of blockchain and other startups through TV shows for investments worth 60 million rubles
In July 2017, VEB Innovations announced the opening of a selection of high-tech projects. The selected promising companies will receive support in the form of inclusion in acceleration programs, investments and participation in the filming of TV shows with the main prize of 25 million rubles.
Project initiators can apply for participation in the selection of VEB Innovation on a special website. The main criteria for evaluation will be knowledge intensity, the presence of MVP (minimum viable product, that is, prototype), team qualification and prospects for commercialization of developments. To conduct an examination of VEB Innovations projects, they will use a wide external network of Russian and international experts, including representatives of the scientific community, corporations and venture capital funds.
The fund plans to select 25 innovative business projects by August 15. The most interesting teams will be offered to take part in the filming of a television project on the NTV channel. The project's website says it will be a reality show. Over the course of several series of the show, a jury consisting of representatives of business, investment funds and development institutions will evaluate how the participants cope with the tasks set.
6 projects will reach the final of the show, 3 of which will become prize-winners and receive prizes - 25, 20 and 15 million rubles for business development from VEB and its partners. The show will air in November 2017.
| | Our task is to create a constantly operating funnel of high-tech projects and at the systemic level to help young entrepreneurs make money on their ideas and innovations while in Russia, and not abroad, "says VEB Deputy Chairman - Board Member Alexei Ivanchenko. - To provide startups with late-stage financing to scale the business and give them competencies to enter the global market, we have created a subsidiary of VEB Innovation. | |
Ivanchenko added that together with other market participants, VEB Innovation will create a full-fledged funnel of innovative projects, one of the elements of which will be the aforementioned TV show. VEB assumes that a significant share of the participants in the TV show will be residents of the Skolkovo Foundation, together with which this project will be implemented.
VEB plans to involve its partners in the examination and revision of projects, in particular, the Russian Quantum Center, an agreement on cooperation with which was signed at the St. Petersburg International Economic Forum.
2013: Portfolio Overview
For 2013, the fund's investment portfolio includes:
- Anturis,
- "Дневник.ру,"
- "Oktogo,"
- Datadvance,
- Eventos,
- GlobalLab,
- Geoscan Technologies и др.
2011: Foundation of the fund for investment in Skolkovo projects
The VEB Innovations Fund was established by Vnesheconombank at the end of 2011 for investment in high-tech projects of the Skolkovo Fund. VEB-Innovation invests in equity and provides borrowed financing to innovative companies in order to support entrepreneurs in creating a high-capitalization company and generate income from invested efforts and resources.
The strategic objectives of the fund are also to promote the development of innovative programs of the Government of the Russian Federation, the creation of an innovation infrastructure in the Russian Federation, assistance in attracting foreign advanced technologies to the Russian Federation, and the promotion of Russian innovations to the world market.
Notes
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