The subsidiary company of «Baiterek» National Managing Holding JSC, QazTech Ventures JSC, is starting to attract venture investments to Kazakhstan by signing a preliminary agreement on the establishment of a joint fund with an American venture investment fund.
The agreement signing ceremony between QazTech Ventures and V Global Fund was held in New York within the working visit of the President of Kazakhstan Kassym-Jomart Tokayev to the U.S. The event was also attended by the Chairman of the Board of Baiterek Holding Aidar Arifkhanov.
V Global Fund is a venture capital investment fund formed by ‘500 Startups’ which is one of the leading US venture managing companies. The projects that passed the accelerator are Intercom, Sunrise, Sendgrid, 9Gag, as well as the largest Asian taxi service GrabTaxi. QazTech Ventures is planning to invest 10mln US dollars in this fund, out of which at least 2mln dollars will be invested in Kazakhstani startups.
The fund will have a capitalization of 150mln US dollars. The major investments of the fund will be allocation to the most successful startups that have previously received funds from the regional or global ‘500 Startups’ funds. The fund is planning to invest 35% of the capital in companies from the USA and 65% in companies selected from around the world. It is assumed that the priority sectors for investments will be projects of IT, e-commerce, fin-tech, SAS, mining and metallurgical complex, agricultural sector, logistics and others.
«The establishment of a joint fund and cooperation with ‘500 Startups’ may become an important catalyst for the development of venture capital in Kazakhstan, since it will allow integrating into the global ecosystem and will enable scaling up domestic startups in the world market and attracting foreign investment in the country, the Chairman of the Board of QazTech Ventures JSC Zhandos Shaimardanov noted.
