The Bukhman Family Foundation, set up by tech billionaires Igor and Dmitri Bukhman, is focusing on funding research into a cure for type 1 diabetes, as well as supporting science, education, and the arts. The foundation recently supported an art commission at London’s Tate Britain gallery and is also working on a wellness project offering nutrition and parenting workshops in schools across the British capital. The brothers registered the U.K.-based foundation in November 2023, with plans to support charitable causes in the U.K, Israel, and Ukraine. The exact amount donated to the foundation has not been disclosed.
Bloomberg reported in April 2023 that the brothers committed $4 billion to their family office, Rix Capital, one of the largest in the world. Their wealth comes from their stake in mobile games developer Playrix, which they founded in Russia in 2004. Playrix, which moved its headquarters to Ireland in 2013 and the brothers to Israel in 2016, generated $2.4 billion in sales in 2022. Despite a drop in revenues post-pandemic, the company paid a $225 million dividend to the Bukhman Brothers in the same year. The brothers remain majority shareholders and have never raised external funding for the business.
The philanthropic foundation trend, popular among Silicon Valley and Wall Street billionaires in the U.S., is seeing some traction in Europe as well. Check.com founder Guillaume Pousaz established education-focused Pousaz Philanthropies last year, joining other European philanthropists like Anders Holch Povlsen and James Dyson in creating charitable foundations. However, tax breaks in the U.S. have made family philanthropic foundations more popular there compared to the U.K. and Europe.
The Bukhman Family Foundation’s focus on charitable causes in the U.K., Israel, and Ukraine is part of the brothers’ efforts to give back with their wealth. The foundation’s support for research into a cure for type 1 diabetes and projects in science, education, and the arts reflect their commitment to making a positive impact in these areas. The exact impact of their donations and projects is yet to be seen, but their commitment to philanthropy is a step in the right direction.
Overall, the establishment of the Bukhman Family Foundation by tech billionaires Igor and Dmitri Bukhman reflects a growing trend of wealthy individuals giving back to society through philanthropic initiatives. With a focus on research into a cure for type 1 diabetes and support for science, education, and the arts, the brothers are using their wealth to make a positive impact in the U.K., Israel, and Ukraine. Their success with Playrix has enabled them to commit significant funds to their charitable foundation, joining other European billionaires in the trend of establishing philanthropic organizations to support social causes.
