Kazakhstan Continues to Lead Central Asian Venture Market
Kazakhstan Maintains Its Position as Central Asia’s Leading Venture Capital Hub
In 2024, Kazakhstan continued to solidify its role as the top venture capital hub in Central Asia, attracting a total of $71 million in investments, which made up 74% of all regional deals, as reported by RISE Research, a market intelligence and advisory company.
Experts analyzed data from over 200 startups and 40 investors in the region, revealing that Central Asia’s total volume of venture deals reached $95 million in 2024, showing a 7% increase from the previous year. Kazakhstan stands out as the most dynamic player, with an annual investment growth rate of 35% since 2018. The number of active investors in the country has tripled to over 60, with more than 80 venture deals recorded throughout the year.
According to Murat Abdrakhmanov, founder of MA7 Ventures, “The venture capital market in Central Asia, especially in Kazakhstan, is expanding rapidly. More startups are scaling internationally, and global investors recognize the region’s potential.”
Key investment sectors in Kazakhstan include artificial intelligence (AI), HealthTech, and Enterprise Software. The impact of AI on the market is significant, with many startups integrating AI-driven solutions into finance, healthcare, and various industries.
The average deal size is on the rise, signaling an increased attractiveness of Kazakhstan’s startups to investors. Simple Agreements for Future Equity (SAFE) dominate early-stage investments, accounting for 63% of deals.
In 2024, Kazakhstan’s 12 venture funds managed a total of $157 million, with 32% already invested in startups. Private investors, particularly high-net-worth individuals, contribute 44% of venture capital. Government initiatives, including a fund-of-funds model, are expected to bring significant changes to funding sources in 2025.
Kazakhstan’s startups are expanding globally into markets such as the United States, Europe, the Middle East, and Southeast Asia. These trends are driving higher investment valuations and deal sizes, positioning Kazakhstan for the emergence of its first unicorn startup.
The report was a collaborative effort involving EA Group, MA7 Ventures, BGlobal Ventures (a subsidiary of Qazaqstan Investment Corporation), KPMG, and Dealroom.co, shedding light on Kazakhstan’s growing influence in the venture capital landscape.
