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September 20, 2018

VEB has launched a pitch competition - startups are promised up to $50 million from Asian investors

"VEB Innovations and the Skolkovo Foundation are launching a competition for startups East Bound. The best participants will be able to present their projects to investors from India, Japan and the Middle East at three pitch-sessions, said Oleg Teplov, General Director of VEB Innovations. This information was confirmed by the representative of the fund Rusbase.

Acceptance of applications from startups will last until October 10.

At sessions it is expected at least five investors with capital from $100 million and $1 billion, including representatives of Japanese venture fund UMJ, Indian company Srei Infrastructure Finance, Jordanian Sadeen Group, and Aramco fund.

The total pool of investments proposed by the organizers of the contest for the best projects is $50 million, but the jury members will be able to increase the volume if they wish.

It is expected that the size of the average check of each investor will be about $7-10 million, specified in "VEB Innovations".

Companies with annual revenues of $1 million and more will be able to participate in the contest with products in the field of "smart" city, information and aerospace technologies, telecommunications, biomedicine and neurointerfaces, robotics, renewable energy and energy efficiency.

The main selection criteria will be the readiness of startups to export and enter foreign markets, as well as competitiveness in the global arena.

Seven companies will be selected to participate in each session. The organisers will help them prepare for their presentations to investors by working through the presentations together with experts.

The best startups, who will be selected based on the results of each pitch, will receive a letter of interest from the investor.

The winners will be invited to dinner with a potential investor, where the possibility of entering the foreign market will be worked out.

Pitch sessions will be held in the framework of the Open Innovations Forum in Moscow on October 15-17.

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