A new major player enters the Russian market of technological start-ups

A company “VEB Innovations“ LLC has been established within the framework of restructuring of activities of Vnesheconombank, directed at priority development and the new innovation areas. The list of top priority objectives encloses the funding of the projects of The National Technological Initiative, the program “Digital economy of the Russian Federation”, attraction of co-investors as well as assistance to Russian innovation companies by the entry at international markets. The company’s location at “Skolkovo” facilitates efficient cooperation by the joint support of innovation projects. According to the Chairman of Vnesheconombank Sergey Gorkov, an established company “must accelerate the entry of the companies at the market, so that Russian enterprises would not have to appeal abroad for such services”. “Evidently, in Russia a start-up usually faces difficulties by the market entry and this problem requires a fundamental solution. Such solution must incorporate the best practices of the Silicon Valley, Israel and China”, - the Head of Vnesheconombank announced the new strategy of the company. Vnesheconombank has already concluded several agreements with prominent foreign banks and enterprises, such as the Indian SREI Infrastructure Finance Ltd, Chinese Harbin Bank and the China Merchants Capital. The bank has signed with an Indian company a memorandum of understanding in order to establish a joint foundation for support of IT-technologies and innovations with a dedicated investment volume up to $200 mln. The Harbin Bank has concluded with us a framework agreement which envisages establishment of a group of foundations for support of innovations with a dedicated investment volume up to $700 mln. We have also reached agreements with the China Merchants Capital on the funding of joint projects and establishment of foundations in the area of High-end technologies. The company “VEB innovations” in the course of its international activities shall both follow the agreements of Vnesheconombank and search for the new strategic partners.
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