QAZTECH and the Ministry of Digital Development, Innovations and Aerospace Industry (MDDIAI) Discussed the Creation of a Fund of Funds for Venture Financing
On January 29, 2025, the QAZTECH Alliance held a meeting of the Steering Committee on Venture Financing. The discussion was attended by leading venture investors, including Murat Abdrakhmanov (MA7 Venture), Adil Nurguzhin (Big Sky Capital), Bolat Basheev (Axiom Capital), Alim Khamitov (MOST Venture), Marat Tolibai (Activat), and Aslan Sultanov (White Hill Capital). Experts representing both the Kazakhstani and international markets discussed key aspects of venture financing development.
Representatives from the Ministry of Digital Development, Innovations and Aerospace Industry (MDDIAI), led by First Vice Minister Kanish Tleushin, also participated in the meeting as project initiators.
During the meeting, the initiative to create a fund of funds for venture financing was discussed. Participants, as market representatives, confirmed the necessity of establishing such a fund in the near future, as successful startups in Kazakhstan have grown and are entering export markets, requiring financing at Series A and B stages for further development.
Experts in the field of venture financing emphasized the importance of adhering to several criteria when creating the fund, considering the experience of countries such as the USA, Israel, Malaysia, Japan, and the MENA region. A key point is the proper structuring of the fund, taking into account the interests of Kazakhstan and its citizens engaged in technological business both within and outside the country.
When selecting partners — so-called General Partners (GPs) or management companies — it is important to establish clear selection criteria, including knowledge of the local market for local partners and a successful track record for international investors. Large foreign funds are also recommended to clearly state in their mandates the intention to invest in Kazakhstan and startups with Kazakhstani founders, including projects from Central Asia.
The extensive experience of the Steering Committee members allows for the development of clear recommendations that QAZTECH plans to present to the Ministry in support of this initiative.
All Committee members expressed interest in the project and offered several key pieces of advice based on their expertise and the experience of foreign countries. Special attention was paid to Malaysia's experience with the K-WAP program, which is similar to the proposed initiative. Japan's experience in creating a founders' school was also discussed to help Kazakhstani startups compete globally and confidently enter foreign markets. Committee members proposed several other ideas for the successful implementation of the project.
Work on the initiative continues: in the near future, the Steering Committee will prepare additional recommendations for submission to the MDDIAI.
On January 29, 2025, the QAZTECH Alliance held a meeting of the Steering Committee on Venture Financing. The discussion was attended by leading venture investors, including Murat Abdrakhmanov (MA7 Venture), Adil Nurguzhin (Big Sky Capital), Bolat Basheev (Axiom Capital), Alim Khamitov (MOST Venture), Marat Tolibai (Activat), and Aslan Sultanov (White Hill Capital). Experts representing both the Kazakhstani and international markets discussed key aspects of venture financing development.
Representatives from the Ministry of Digital Development, Innovations and Aerospace Industry (MDDIAI), led by First Vice Minister Kanish Tleushin, also participated in the meeting as project initiators.
During the meeting, the initiative to create a fund of funds for venture financing was discussed. Participants, as market representatives, confirmed the necessity of establishing such a fund in the near future, as successful startups in Kazakhstan have grown and are entering export markets, requiring financing at Series A and B stages for further development.
Experts in the field of venture financing emphasized the importance of adhering to several criteria when creating the fund, considering the experience of countries such as the USA, Israel, Malaysia, Japan, and the MENA region. A key point is the proper structuring of the fund, taking into account the interests of Kazakhstan and its citizens engaged in technological business both within and outside the country.
When selecting partners — so-called General Partners (GPs) or management companies — it is important to establish clear selection criteria, including knowledge of the local market for local partners and a successful track record for international investors. Large foreign funds are also recommended to clearly state in their mandates the intention to invest in Kazakhstan and startups with Kazakhstani founders, including projects from Central Asia.
The extensive experience of the Steering Committee members allows for the development of clear recommendations that QAZTECH plans to present to the Ministry in support of this initiative.
All Committee members expressed interest in the project and offered several key pieces of advice based on their expertise and the experience of foreign countries. Special attention was paid to Malaysia's experience with the K-WAP program, which is similar to the proposed initiative. Japan's experience in creating a founders' school was also discussed to help Kazakhstani startups compete globally and confidently enter foreign markets. Committee members proposed several other ideas for the successful implementation of the project.
Work on the initiative continues: in the near future, the Steering Committee will prepare additional recommendations for submission to the MDDIAI.