# Internet Initiatives Development Fund

Internet Initiatives Development Fund is a Private Equity based in Moscow, Russia.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Moscow, Russia
- **Region:** Europe
- **Address:** Moscow, Russia
- **Founded:** 2013
- **Assets under management:** Undisclosed
- **Website:** www.iidf.ru
- **LinkedIn:** https://www.linkedin.com/company/iidf

## Regulatory record

- **Reports private funds:** No

## About

The Internet Initiatives Development Fund (FRII) is the largest venture fund in Russia for IT startups. It helps Russian entrepreneurs. It has invested in 450+ companies with 4.0 billion rubles in total investments and 50+ exits. Over 2000 startups have completed the FRII Accelerator.

## Sectors

- Enterprise Software
- AI/ML
- FinTech
- Digital Health
- AgriTech & FoodTech
- Mobility & Transportation

## People

- Kirill Varlamov — CEO

## Questions

### How does IIDF source the startups in its accelerator and portfolio?

IIDF sources primarily through a nationwide accelerator program that recruits over 100 startups per cohort via open calls, university partnerships, and regional government collaborations. The fund's Moscow headquarters manages final selection, but scouting events in St. Petersburg, Novosibirsk, and Kazan feed the pipeline. This funnel provides IIDF with early visibility into hundreds of pre-seed companies annually, many of which have not engaged with traditional venture funds.

### Is IIDF a private venture firm or a government development institution?

IIDF operates as a hybrid: a private equity fund that retains close structural ties to the Russian state. It was capitalized by the Agency for Strategic Initiatives, a government body, and continues to align with state priorities in sectors like data infrastructure and biometrics. However, it makes commercial equity investments and expects portfolio returns, distinguishing it from pure grant-making development funds.

### Does IIDF invest outside Russia?

IIDF's mandate is domestic, focusing on Russian-language internet businesses. Since 2022, the fund has supported portfolio companies that relocated to Kazakhstan and other Central Asian markets, and its Almaty office allows it to engage with the wider post-Soviet tech diaspora, but core investment remains tied to the Russian market.

### What is IIDF's relationship with Sberbank and other large Russian corporates?

IIDF maintains commercial partnerships with major Russian corporates including Sberbank, which has acquired an IIDF portfolio company—VisionLabs—and acted as a corporate venture co-investor. The fund's accelerator also works with telecoms and banks to run sector-specific tracks, offering corporates early access to startup innovation in exchange for sponsorship and distribution.

## Related profiles

- [International Investment & Underwriting](https://altss.com/profile/international-investment-underwriting)
- [Interop Ventures](https://altss.com/profile/interop-ventures)

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Last updated: 2026-08-11T15:07:05.535Z

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