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VTB and DFJ start a partnership in venture investment in Russia and other CIS countries

19 September 2007

On 19 September 2007, a partnership agreement was signed between VTB Bank and  DFJ, a pre-eminent venture capital firm with global presence providing capital for extraordinary entrepreneurs. Under the agreement, the parties will cooperate in managing venture funds with a focus on investment in Russian engineering companies. The first such fund is VTB Venture Fund, which is presently in progress. It will amount to RUR 3,061 billion, with VTB and the Russian Venture Company acting as investors. Based in Moscow and Silicon Valley, VTB Venture Fund's management team will represent Russia in the global network of venture funds established by DFJ comprising more than 20 members in all innovation-driven regions worldwide.

Owing to involvement of DFJ-based network of funds, VTB management company will get additional financing for due diligence, access to new projects, corporate contacts across the world, co-investors and further opportunities to implement portfolio projects in the global market. Those factors help notably enhance VTB Group performance in venture investment and come closer to the highest world standards.

, said Tim Draper, DFJ founder and CEO.

Andrey Kostin, VTB Chairman and CEO, is cited to say: "VTB can rely on the global expertise gained by DFJ network of affiliated funds as a powerful resource base and a driving force for VTB venture specialists. We share DFJ opinion that venture investment is acquiring a global dimension, and there is a favorable environment in Russia for venture investment to grow both in the domestic and world markets. Our partnership with DFJ will undoubtedly contribute to a higher yield of our investment into venture funds, and a stronger VTB leadership in the Russian and global markets of direct and venture investment",

Presently, there are three more regional venture funds, which are being registered by the Financial Markets Federal Service, namely in St. Petersburg, Nizhny Novgorod and Saratov, with the total volume exceeding RUR 1 billion.

For reference: Draper Fisher Jurvetson is the leading venture capital firm with presence in all major innovative regions through a network of affiliated funds, with offices in more than 30 cities around the world and more than USD 5 billion in capital commitments. It took DFJ 16 years to create its network, now its partnership has extended to many venture capital firms from different countries. DFJ's mission is to identify, serve and provide capital for extraordinary entrepreneurs who are determined to develop the world we are living in and change it for the better through various innovations. Over the past 20 years, DFJ provided capital to more than 500 companies across many sectors including such industry-changing catalysts as DivX, Hotmail, Baidu, Skype, Mobile365, EnerNOC, Interwoven, Parametric Technology and others.


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