Baku, Azerbaijan, Sept.25
By Nargiz Sadikhova - Trend:
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, Trend reports with reference to the press office of Baiterek.
The agreement was signed in New York within the working visit of the President of Kazakhstan Qassym-Zhomart Toqayev to the US. The event was also attended by the Chairman of the Board of Baiterek Holding, Aidar Arifkhanov.
The agreement was signed with a venture capital investment fund formed by 500 Startups. QazTech Ventures is planning to invest $10 million in this fund, out of which at least $2 million will be invested in Kazakh startups.
The joint fund will have a capitalization of $150 million. 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 percent of the capital in companies from the US and 65 percent in companies selected from around the world. It is assumed that the priority sectors for investments will be projects of IT, e-commerce, 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.
500 Startups is one of the leading US venture capital management companies established in 2010 in Silicon Valley (San Francisco, US).
Over the nine years of operation, the company has created 19 funds, including 4 global funds investing startup projects around the world, and 15 specific funds focused on individual regions of the world.
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