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Sber, Russian Venture Company to set up fund worth $100 mln

The fund will be used for investing in technological and science-based startups

MOSCOW, April 8. /TASS/. Sber and Russian Venture Company (RVC, part of the Russian Direct Investment Fund, or RDIF) will establish a fund worth $100 mln for investment in technological startups, according to a joint press release of Sberbank and RDIF published on Thursday.

"Sber and RVC announce an intention to set up a joint fund totally worth $100 mln for investing in technological and science-based startups. Investments will be made in startups that are located on Russian territory or plan to enter the Russian market in the near future. The sides plan to support development of companies involving international partners of the RDIF and a synergy with projects that belong to Sber’s ecosystem," the press release said.