Baku, Azerbaijan, Dec.11
By Nargiz Sadikhova - Trend:
Kazakhstan’s QazTech Ventures will join the V Global Fund, Trend reports with reference to the press office of Baiterek National Managing Holding JSC, which is a parent company of QazTech Ventures.
The corresponding agreement between the QazTech Ventures and 500 Startups, which is leading US venture fund, was signed by QazTech Ventures CEO Zhandos Shaimardanov and 500 Startups General Partner Tim Chae.
The signing ceremony took place within the framework of working visit of Kazakhstan’s Prime Minister Askar Mamin to the US on December 10, 2019. Chairman of the Board of Baiterek Holding Aidar Arifkhanov also was a member of the Kazakh delegation to the US.
According to the information, the agreement oversees share of QazTech Ventures worth $10 million in V Global Fund with further funding of Kazakh startup projects. Total value of Fund’s fund is $150 million.
“Also, 500 Startups has expressed interest in cooperation with QazTech Ventures to establish a separate Thematic Fund with focus on Kazakhstan,” the report said.
As noted by Arifkhanov, investments of the leading venture company in Kazakh projects will increase the attractiveness of Kazakhstan’s venture market, and Kazakh projects will receive the opportunity for international acceleration and access to advanced competencies and experience.
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 four global funds investing startup projects around the world, and 15 specific funds focused on individual regions of the world.
QazTech Ventures JSC was established in order to promote the development and diversification of the economy, attract investments, develop clusters and improve the corporate governance system.
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