RVC, the state-owned fund of funds dedicated to innovation, intends to launch an investment fund to support innovation in the field of education technologies in Russia.
With a considerable target amount – 6.9bn rubles (roughly $100mn at the current exchange rate) – and a 10-year duration, the fund is being created in the framework of a government program called “Digital Economy of the Russian Federation.”
The new fund aims to “develop the best technologies, from idea-stage to full-fledged businesses” and “ensure a systemic approach to introduce them in education,” according to a company statement. The fund will focus on eight segments – including content creation, search, education experience, learning and professional training – and support a startup acceleration program.
“The fund doesn’t aim to replace existing players, which focus on developing or integrating advanced edtech technologies, but to provide them with an instrument to share risks and benefit from investment expertise. The fund will tightly integrate with the education ecosystem, cooperating actively with accelerators, universities, government agencies, private investors, and consolidating these players’ efforts to transform the Russian education system and human capital,” stated RVC Investment Director Alexey Basov.
Under plans, the fund will start operating by mid-2019 after the completion of a tender to select the management company.