Silkway Accelerator Participants Secure $7.5 Million in Funding
Thirty-seven startups have successfully attracted a total of $7.5 million in investments through the Silkway Accelerator program, according to the CEO of Astana Hub International Technopark of IT Startups, Magzhan Madiyev. The program, a collaboration between Astana Hub and Google for Startups, has seen significant growth and success in its third stream, with 12 out of 15 selected startups achieving rapid growth and international market expansion in just three months.
Applications were received from Central Asian countries, including Azerbaijan, Georgia, and Mongolia, with a total of 280 submissions. The startups participating in the third stream collectively raised $575,000 and experienced an average threefold increase in Monthly Recurring Revenue (MRR). They also secured preliminary agreements with investors valued at $1.2 million.
During a Demo Day event held at the conclusion of the third stream, the founder and CEO of ApartX startup, Kanat Keldibekov, announced that his team had raised $250,000 in investments. He expressed their readiness to enter the Southeast Asian markets, highlighting their goal of simplifying and improving the apartment rental process by offering reliable contracts, efficient management, and increased security.
Additionally, Madiyev mentioned that 15 startups from previous streams of the Silkway Accelerator program are currently studying in Silicon Valley as part of another acceleration program with Draper University. This underlines the program’s success in preparing startups for global opportunities and partnerships.
Both Madiyev and Baris Yesugey, the head of Google for Startups and Google Developer Ecosystem in the Middle East and North Africa, Türkiye, and Central Asia, expressed their gratitude to the participating startups, acknowledging their progress and commitment. Yesugey emphasized that the startups are now part of the Google for Startups family and will continue to receive support beyond the program.
Kazakhstan, as the first and only country in Central Asia to launch the Silkway Accelerator program, has announced the enrollment period for its fourth stream. Startups can submit their applications until July 7, with the program set to begin in August. The three-month training program will take place offline in Astana, providing participants with free accommodations, visa support, training, and mentoring from Google for Startups and Astana Hub.
The success of the Silkway Accelerator program demonstrates the growing potential and innovation within the startup ecosystem of Kazakhstan and Central Asia. With continued support from various stakeholders, these startups have the opportunity to thrive in both domestic and international markets, contributing to the overall economic development of the region.
