Kazakhstan Launches $1 Billion Venture Capital Fund Supported by Private Investors
Kazakhstan to Establish $1 Billion Fund of Venture Capital Funds
Kazakhstan is gearing up to launch a Fund of Venture Capital Funds with a target of attracting $1 billion in private investment in the near future. This initiative was announced during a meeting on Dec. 19 between Prime Minister Olzhas Bektenov and key venture capital experts, representatives from the Kazakh business community, and international partners.
The Prime Minister’s press service revealed that these private investments will be channeled towards leading global, regional, and Kazakh venture funds, with the aim of ensuring effective diversification and access to critical technologies essential for the country’s economic transformation. So far, applications from prominent Kazakh businesses have already committed over $100 million as initial capital for the fund.
Minister of Digital Development, Innovation, and Aerospace Industry Zhaslan Madiyev emphasized Kazakhstan’s leading position in Central Asia, accounting for more than 70% of the region’s venture deals. Over the past five years, the country’s venture capital volume has grown sixfold, reaching $80 million.
The Fund of Venture Capital Funds will primarily focus on promising sectors such as artificial intelligence (AI), digital health, and other key technology areas. The global AI market is projected to reach $827 billion by 2030, making it a priority for investment.
Prime Minister Bektenov stated, “Our key task is to create conditions for retaining our own talent, attracting new talent, supporting startups at all stages of their development, and bringing in global expertise to Kazakhstan.”
This venture capital initiative signals Kazakhstan’s commitment to fostering innovation, attracting investments, and positioning itself as a hub for technology and entrepreneurship in the region.
