Leading American Venture Fund to invest in Kazakh startups
Baiterek National Management Holding expands cooperation with Silicon Valley. In San Francisco, the Holding’s subsidiary, QazTech Ventures and the leading US venture capital fund 500 Startups, have signed an agreement to join QazTech Ventures to the V Global Fund. The documents were signed by the head of QazTech Ventures Zhandos Shaimardanov and the general partner of 500 Startups Tim Chae, the holding’s press service informs.
The signing ceremony was held on 10 December as part of the visit of Prime Minister Askar Mamin to the United States. The delegation also included Aidar Arifkhanov, Chairman of the Management Board of Baiterek Holding.
The agreement provides for the participation of QazTech Ventures in the V Global Fund in the amount of 10 million US dollars with further financing of Kazakhstan startup projects. The total size of the fund is 150 million US dollars.
500 Startups are also interested in working with QazTech Ventures to create a separate Thematic Fund with a focus on Kazakhstan.
“The signing of the package of documents, we believe, will certainly lead to positive results. In particular, investments of a leading venture company in Kazakhstan projects will increase the attractiveness of our country's venture market and attract other key players. In addition, Kazakhstani projects will have the opportunity of international acceleration and access to advanced competencies and experience,” said Aidar Arifkhanov, Chairman of the Board of Baiterek.
500 Startups was established in 2010 in Silicon Valley. The company has created 21 funds, of which five global funds investing in startup projects around the world, 15 thematic funds focused on individual regions of the world. Thematic funds "500" purposefully invest in Singapore, Thailand, Vietnam, South Korea, Japan, Israel, the Middle East, Turkey, Brazil, Mexico, Canada and other countries.
Baiterek National Management Holding was established in accordance with the Decree of the First President of Kazakhstan dated May 22, 2013. It is a key institution of the Government of Kazakhstan, which meets the advanced standards of corporate governance and ensures the implementation of the tasks for the sustainable development of the economy of Kazakhstan by diversifying it, supporting innovation, developing exports, and increasing labor productivity. The Holding includes: the Development Bank of Kazakhstan, Investment Fund of Kazakhstan, Housing Construction Savings Bank of Kazakhstan, Kazakhstan Mortgage Company , KazakhExport, Entrepreneurship Development Fund Damu, QazTech Ventures, Housing Construction Guarantee Fund, Kazyna Capital Management, Baiterek Development, Kazakhstan Project Preparation Fund.
QazTech Ventures was created to promote the development of technological entrepreneurship through the tools of venture financing, business incubation and technology consulting.
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