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    Kazakhstan

    Silkway Accelerator participants soar to new heights, securing $7.5mn in investments

    Silkway Accelerator participants soar to new heights, securing $7.5mn in investments

    Astana Hub International Technopark of IT Startups announced on June 29 that startups participating in the Silkway Accelerator program have collectively attracted $7.5mn in investments. The program, a collaboration between Astana Hub and Google for Startups, recently concluded its third stream, with 12 out of 15 selected startups achieving significant growth within a three-month period.

    Photo: the-tech.kz

    Magzhan Madiyev, CEO of Astana Hub, highlighted the impressive results achieved by the startups. With a combined valuation of $400mn and Monthly Recurring Revenue (MRR) reaching $2mn, the participating companies successfully tapped into international markets.

    The Silkway Accelerator received 280 applications from Central Asian countries, Azerbaijan, Georgia, and Mongolia. The third stream participants alone raised $575,000, with an average threefold increase in MRR. They also secured preliminary agreements with investors valued at $1.2mn.

    During the Demo Day event held after the third stream, Kanat Keldibekov, founder and CEO of ApartX, a startup specializing in apartment rentals, announced that his team had raised $250,000 in investments. He expressed his team's readiness to enter Southeast Asian markets, emphasizing their aim to simplify and enhance the rental process by providing reliable contracts, efficient management, and increased security for both tenants and landlords.

    Madiyev also revealed that 15 startups from previous Silkway Accelerator streams are currently studying in Silicon Valley as part of an acceleration program implemented in collaboration with Draper University. He expressed his gratitude to the program's partners, mentors, and the Ministry of Digital Development, Innovation, and Aerospace Industry for their comprehensive support.

    Baris Yesugey, head of Google for Startups and Google Developer Ecosystem in the Middle East and North Africa (MENA), Türkiye, and Central Asia, commended the participating entrepreneurs, acknowledging their advancement to a new level. He assured them of continued support even after the program's completion. 

    “We are proud of you and will support you after the program ends. Now you are part of the Google for Startups family,” Yesugey said.

    Kazakhstan stands as the first and only country in Central Asia to launch the Silkway Accelerator program. The program has announced enrollment for its fourth stream, and applications can be submitted until July 7, with the program set to commence in August. The three-month training will take place in Astana, providing participants with free accommodation, visa support, training, and mentoring from Google for Startups and Astana Hub.

    01.07.2023, 22:50   Comments (0)   1240
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