Rostelecom received 31% of the Internet Initiatives Development Fund for 2 billion rubles

Rostelecom received 31% of the Internet Initiatives Development Fund for 2 billion rubles

Anna Savelyeva

By the end of January, the state-owned operator will increase its stake in FRII Invest from 18.36% to 31.03% by investing through two subsidiaries. The first phase was completed in early 2020, the second phase started on 20 January.

Investors will be Bashinformsvyaz and the venture capital fund Kom Capital, two hundred percent subsidiaries of Rostelecom. Two billion rubles will be invested in new ones
startups (about 50) and support for the current portfolio of the Internet Initiatives Development Fund. According to the head of FRII Kirill Varlamov, they plan to spend them in 2020-2021.

According to Rostelecom Vice President of Business Development Alexander Aivazov, the state operator expects that investments will bring 19-20% per annum on the horizon of five to seven years. Apart from buying startups
Rostelecom is ready to consider partnerships or involvement of developers in its team. The interest of the company is caused by the fact that 80% of the Fund’s portfolio consists of not directly related to telecom
projects, and new market solutions alone will not track it. Kom Capital will continue its work, but will focus solely on the search for telecom startups, the FRII’s focus will continue to be
on digital technology.

Investment, telecommunications

Rostelecom | Rostelecom Ts

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