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June 7, 2019

VEB Ventures is preparing its first investment

VEB's investment subsidiary VEB Innovations changed its name to VEB Ventures. As part of the new strategy, the company's asset portfolio should reach almost 35 billion rubles by 2024. After the rebranding, the company, together with the Rostelecom corporate fund, will invest 300 million rubles in the developer of solutions for Brain4Net communication operators. Structure of VEB.RF VEB Innovations On June 6, she announced the rebranding and new strategy at the St. Petersburg International Economic Forum. The company will be called VEB Ventures, and among its goals is "to find financing for projects from corporations and private foundations," said its CEO Oleg Teplov. The company expects that by 2024 its portfolio will be estimated at 34.8 billion rubles, and the number of transactions - 182. VEB Ventures plans to conclude six deals by the end of 2019. One of the first deals will be a joint deal with the Rostelecom Fund Kommit Capital. The partners intend to invest 300 million rubles in Brain4Net (Program Networks LLC), of which 200 million rubles will be invested by VEB's subsidiary, VEB Ventures was told to Kommersant. The company is engaged in technologies for perspective networks, including 5G, and "is at the same level with world analogues", Mr. Teplov noted.

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