Prime Minister Olzhas Bektenov recently met with prominent experts in venture capital financing, members of the Kazakh business community, and international partners to discuss the launch of the Fund of Venture Capital Funds. This initiative aims to attract global capital, strengthen Kazakhstan's position as a regional technology and innovation hub, and foster the growth of the startup ecosystem.
Among the experts who contributed to the discussion were Ilya Strebulaev, a professor at Stanford University and venture investment specialist; Malika Aubakirova, a partner at Andreessen Horowitz; Galym Imanbaev, a partner at Lightspeed Venture Partners; and Anna Fokina, Investment Director at DCVC. The experts highlighted the importance of strengthening cooperation with leading global venture funds to provide access to cutting-edge technologies and advanced investment management practices.
Strebulaev and his colleagues stressed that to attract global capital, Kazakhstan must focus on improving its legal infrastructure and create an environment that supports startups as they grow and scale. The venture capital market's evolution is crucial to Kazakhstan's integration into the international investment and technology ecosystems.
Zhaslan Madiyev, Kazakhstan's Minister of Digital Development, Innovation, and Aerospace Industry, pointed out that the country already leads Central Asia in venture capital deals, accounting for over 70% of the region's total. The volume of venture capital in Kazakhstan has grown by more than six times over the past five years, reaching $80mn.
The newly proposed Fund of Venture Capital Funds seeks to raise $1bn in private investment over the medium term. These funds will be directed toward global, regional, and Kazakhstani venture funds, focusing on sectors such as artificial intelligence, digital health, and other key technology industries. With the global AI market projected to grow to $827bn by 2030, the sector will be a primary investment priority.
The fund aims to diversify investments effectively, maximize access to global expertise, and equip Kazakhstan with the critical technologies needed for economic transformation. Large Kazakhstani businesses have already pledged over $100mn to help establish the fund’s starting capital.
Prime Minister Bektenov emphasized that the creation of the Fund of Venture Capital Funds would not only facilitate access to cutting-edge technologies but also enhance Kazakhstan's standing as an international hub for startups and innovation.
“As President Kassym-Jomart Tokayev has said, we are building an economy rooted in knowledge and innovation,” Bektenov remarked. “The IT sector in Kazakhstan is expanding, digital service exports are rising, and young professionals are increasingly in demand both domestically and internationally. Our goal is to create an environment that retains local talent, attracts new innovators, and supports startups at every stage of development while bringing global expertise to Kazakhstan.”
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