Internet investment development fund. Internet Initiatives Development Fund (IIDF)
Rostelecom representatives will join the investment committee of the fund. The investment offer for start-ups will be reviewed, whereby pre-seed stage companies will get up to Rub 5 million of financing, while growth stage companies will be able to receive up to RUB 65 million.
From a growth perspective, I am pleased to see a stronger focus on innovative business streams, such as data centres, cloud, cyber security, smart cities, IoT to name but a few. The strategic partnership with IIDF is aimed at enhancing efficiencies in this area, identifying new growth drivers and expanding the ecosystem of digital services.
These drivers might not always be obvious given the increasing speed of technological developments — somewhat ambitious ideas today, they can conquer markets and geographies tomorrow. The Foundation invests in technology companies in the early stages of development, develops a network of start-up accelerators, and is involved in the development of methods of legal regulation of the venture industry. IIDF Invest invests in technology start-ups that are in their early stages.
Currently, there are operating businesses in the portfolio, of which about 50 are developing successfully both in Russia and internationally.