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Ru

We invest in Russian high-tech companies and help them
with China go-to-market strategy and scaling

We invest in Russian
high-tech companies

Apply now
Submitting applications on an ongoing basis
The fund’s investable capital
$100M
Established in
2019
Founders are
Russia-China Investment Fund and TUS-Holdings

ABOUT US

RUSSIA CHINA VENTURE FUND (RCVF) is an early-stage venture capital fund that invests in Russian innovative companies. RCFV aims to promote trade and economic development, as well as cooperation in science and technology between the two countries.

RCVF has partnerships with leading private and government-owned corporations. The fund is based in Moscow and Beijing.

GENERAL PARTNERS

TUS-Holdings – world's leading technology focused holding group, originated from Tsinghua University in 1994. TUS-Holdings develops, constructs, operates and manages business parks under TusPark brand, with 30+ science parks and science cities all around Now TusPark combines more than 30k technology companies settled under its roof.

TUS-Holdings is also the shareholder of over 800 companies and 10+ of them have settled successful IPOs. TUS-Holdings manages $6Bn across 70+ funds. The total amount of assets under management exceeds $35 billion.

Russia-China Investment Fund – one of the largest private equity funds in Russia with a total committed capital of US$2bn. RCIF was established in June 2012 by the sovereign wealth funds of Russia and China.

RCIF focuses on projects that foster economic cooperation between the two nations and targets to invest at least 70% of its capital in Russia and up to 30% in China. Since inception, RCIF has invested in 45+ projects in Russia, China and the US, including more than 10 high-tech investments. Several portfolio companies of RCIF successfully went public on major international stock exchanges, including Detsky Mir, NIO, So-Young, Didi.

Portfolio companies RCIF and TUSHOLDINGS

Advantages for start-ups

Advantages for start-ups
Support for scaling and expansion in China. One of a few investors in Russia that is capable of assessing and sponsoring deep tech opportunities at early stage
Partners
Contacts with the most technically advanced and reliable partners.
Ecosystem
of TUS-Holdings
30+ technology parks,
1,200+ innovative projects and
800+ private and public companies.
Access to corporations
Widespread network of RCIF’s instrumental stakeholders via vast connections with large companies and financial institutions in Russia and China
Fund’s team
Robust investment team with solid experience in helping companies reach most ambitious goals and establishing best governance practices

Investment parameters

01
Investment stage: Series A to C
Suitable investment size $0.5-$5.0 million
02
Top-edge technology on the global market
03
Protective and credible IP-rights infrastructure
04
Robust target market potential and solid competitive power
05
Close-to-mature product lines and business model
06
Proven commercialization practice
LTM revenue not less than $1m
07
Active revenue growth, high margin and high R&D cost in past periods
08
China Angle: Superior potential and clear advantages for successful China go-to-market strategy
09
Transparent marketing strategy in China
better if the Company has already entered Chinese market
10
Strong core team background
famous scientists/technologists or famous entrepreneurs as core members is an advantage, relations with famous universities or research institutes are advantages
11
Previous fundraising experience from reputable investors is an advantage

Terms of investment

Investment horizon of exit: 3-5 years
Ожидаемый экзит через 3-5 лет
Preferred equity
Equity-linked instruments
Rarely ordinary equity

Timeline

July 2022
start of applications, ongoing
2 months
Review and verification
of materials
1 month
Introduction to
Chinese partners
1-2 months
Pilots, validation
of the product-market fit
up to 4 months
Finalize terms,
close deal

FAQ

What materials are required for RCVF to make preliminary review of the opportunity?
Investor deck with materials about target product, market size, project traction, shareholding and IP-infrastructure, competitive advantages and comparison with alternative existing solutions, management Business plan Note: materials must be provided in English or Russian language
How does RCVF investment process looks like?
English materials review by Chinese and Russian team in English language: 2-3 weeks.
In-depth analysis of the materials (incl. Q&A sessions, reference interviews with clients, potential discussion of pilots with Chinese partners): 3-4 weeks.
Corporate approvals and Term Sheet discussions: 2-3 weeks.
Term Sheet signing and due diligence (legal, financial, tax, optionally – commercial / technology): red-flag reports in 4-6 weeks.
Binding documentation negotiation: 3-4 weeks, after red-flag reports.
Final corporate approvals and deal closing (3-4 weeks).
In total, 4-6 month since first introduction.
Can I sign an NDA with RCVF before sharing sensitive information?
Yes. Share only information that you can disclose without an NDA for the first stage of the review process.
Can I submit a project that has nothing to do with Russia and/or China?
RCVF’s mandate is to promote the development of trade and economic, investment, scientific and technological cooperation. As such, your project should be located in Russia, or have substantial part of business in Russia (i.e. R&D, HQs, etc.). After investments, RCVF will do its best to help you grow your business in China or to help you diversify your supply chain through Chinese suppliers.
Do you invest in projects with no ready product or zero revenues?
RCVF typically invest in projects at A or C stage. If your project does not have any market or technological validation, the investment tranche is possible only at the later stage.
Does RCVF invest in consortium with other investors?
Yes, definitely. RCVF’s sweet spot is $2-3m per project, and typically we co-invest with 2-3 other funds as part of the same round. RCVF may either lead or join the consortium of reputable investors.
What are the potential investment instruments of RCVF?
Convertible loan, preferred / ordinary equity. Instrument may be selected case by case, subject to project stage and deal structure.
Any other questions?
Please contact Mikhail Murzin (murzin.mk@rvc.ru) for additional clarifications.