QazTech Ventures JSC, the subsidiary venture capital arm of Kazakhstan’s Baiterek National Managing Holding, has signed an agreement to join V Global Fund, a venture capital investment fund set up by US-based 500 Startups.
Under the agreement, QazTech Ventures is planning to invest $10 million in V Global Fund to further support Kazakhstani startup projects. With this investment, the total capitalization of the V Global Fund stands at $150 million.
500 Startups has also evinced interested to work with QazTech Ventures for establishing an individual Thematic Fund with a focus on Kazakhstan.
“Investments of the leading venture company in Kazakhstani projects will increase the attractiveness of our country’s venture market and involve other key players,” said the chairman of the board of “Baiterek” NMH JSC, Aidar Arifkhanov.
As a part of Baiterek National Managing Holding, QazTech Ventures JSC was established to enable the development of technology entrepreneurship through the tools of venture financing, business incubation and technology consulting.