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Rostelecom to invest in Russia's Internet Initiatives Development Fund

Rostelecom PJSC will invest about 2 billion Russian rubles in the Internet Initiatives Development Fund's investment division charter capital, IIDF Invest.

Representatives of Rostelecom will also join the investment committee of the fund.

The Russian operator's investment, which is part of a partnership with IIDF, represents an estimated 31.03% stake in the fund's total charter capital. About 18.36% of the charter capital was secured in December 2019 and the remaining investment is set to be finalized by the end of January.

IIDF Invest will use the investment to finance new projects and to provide additional support to the fund's existing projects. Pre-seed stage companies will get up to 5 million rubles of financing, while growth stage companies can receive up to 65 million rubles.

As of Jan. 21, US$1 was equivalent to 61.81 Russian rubles.