Russian-born billionaire tech investor Yuri Milner is pledging $100 million to launch a new initiative that will aid Ukrainian refugees amid the ongoing war with Russia.
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Conference in Hong Kong, China, on Friday, June 9, 2017. The conference runs from June 8 to 9. Photographer: Billy H.C. Kwok/Bloomberg This marks the latest effort from the Silicon Valley mogul–who is worth an estimated $7.3 billion thanks in part to early investments in Facebook and Twitter–to show support for Ukrainians and distance himself from the Kremlin-linked sources that helped him build his fortune more than a decade ago.
As announced on Thursday, the initiative, “Tech for Refugees,” involves a partnership between the Breakthrough Prize Foundation, a nonprofit group cofounded by Milner and his wife, Julia, in 2012, and prominent tech companies, including vacation rental giant Airbnb, freight forwarding company Flexport and audio streaming service Spotify.
“We have been devastated by the heartbreaking suffering of the Ukrainian people,” the Milners said in a statement. “We believe that this initiative, in partnership with some of the world’s most creative technology companies and organizations, can provide practical assistance for people living in turmoil outside their homeland.”
Notably, Milner’s investment fund, DST Global, the source of his immense fortune, has previously backed all three companies it is collaborating with for this effort. It participated in Airbnb’s Series B round back in 2011, and has invested in Flexport and Spotify as well.who have been forced to flee Ukraine, Milner and his partners plan to turn it into a broader effort that will help refugees in other regions of the world.
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