Leading American venture capital fund invests in a Kazakhstani startup in the edtech industry

Leading American venture capital fund invests in a Kazakhstani startup in the edtech industry

The well-known American venture fund and startup accelerator 500 Startups, financed the first startup of a Kazakhstani US $ 150,000 under an agreement with QazTech Ventures JSC. On December 12, 2019, within the framework of the visit of Prime Minister Askar Mamin to the United States, an agreement was signed between QazTech Ventures JSC and the American venture fund 500 Startups on joining the V Global Fund. The main goal of the partnership is to assist Kazakhstani start-up projects in attracting investment and scaling in the global market.

The AWSM Bank startup is a project implemented in the US market, founded by our compatriot Alibek Zhunisbaev. The startup invites teenagers to improve their financial literacy by providing a full range of banking services.

“We provide children 13-18 years old with theoretical financial education in the format of short, 30-second videos in the TikTok style. We turn theoretical knowledge into practical skills, giving them a fully functional, but at the same time safe banking service, ”notes the founder of the startup project Alibek Zhunisbaev.

The goal of the project is to give adolescents the opportunity to learn financial literacy in order to instill in them a) the habit of spending wisely, b) the need to save, c) the skill of managing debt, d) the ability to invest surplus, in other words, AWSM turns financial education from abstract and theoretical into practical individual and experimental, this is the main advantage of the project over existing competitors in the market.

“The participation of QazTech Ventures in the V global fund gave us the opportunity to attract investments in our startup. The support of 500 Startups will undoubtedly contribute to the rapid development of our project, ”noted Alibek Zhunisbaev.

“Our main task is to assist Kazakhstani start-ups operating both in the local and foreign markets in attracting investments and expanding their presence on the world stage through the development of the venture capital industry in Kazakhstan. Collaboration with 500 Startups is bearing the first fruits, and we intend to continue to work on promoting our startups. In September this year, we plan to hold a Demo Day, where we invite technology teams to present their ideas. Based on the selection results, the most promising teams will be able to apply for investments from our foreign partner. " Diaz Beksoltan, Chairman of the Management Board of QazTech Ventures JSC.

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