“Baiterek” National Managing Holding expands cooperation with Silicon Valley. In San Francisco, the Holding’s subsidiary, QazTech Ventures JSC, and ‘500 Startups’ leading US venture capital fund have signed an agreement of QazTech Ventures accession to V Global Fund. The documents were signed by the Head of ‘QazTech Ventures’, Zhandos Shaimardanov, and the General Partner of ‘500 Startups’, Tim Chae.
The signing ceremony was held on December 10 in the course of the visit of the Prime Minister of the Republic of Kazakhstan, Askar Mamin, to the USA. Aidar Arifkhanov, the Chairman of Baiterek Holding’s Management Board, took part within the Kazakhstani delegation.
The agreement envisages involvement of QazTech Ventures in V Global Fund in the amount of 10 million US dollars with further financing of Kazakhstani startup projects. The total amount of the fund is 150 million US dollars.
‘500 Startups’ is also interested in working with ‘QazTech Ventures’ for establishing an individual Thematic Fund with a focus on Kazakhstan.
- We believe that the signing of the package of documents will certainly lead to positive results. In particular, investments of the leading venture company in Kazakhstani projects will increase the attractiveness of our country’s venture market and involve other key players. In addition, the Kazakhstani projects will have an opportunity of international acceleration and access to the advanced competencies and experience, - the Chairman of the Board of “Baiterek” NMH JSC, Aidar Arifkhanov, noted.
‘500 Startups’ was established in Silicon Valley in 2010. The company has created 21 funds, including five global funds investing in startup projects around the world and 15 thematic funds focused on individual regions of the world. ‘500’ thematic funds are persistently investing in Singapore, Thailand, Vietnam, South Korea, Japan, Israel, the Middle East, Turkey, Brazil, Mexico, Canada and other countries.
“Baiterek” National Managing Holding” JSC was established in accordance with the Decree of the President of the Republic of Kazakhstan dated May 22, 2013. The key institution of the Government of the Republic of Kazakhstan that complies with the advanced standards of corporate governance and ensures the implementation of the objectives for the sustainable development of the economy of Kazakhstan through its diversification, support for innovation, export development, increase in labor productivity. The Holding includes: Development Bank of Kazakhstan JSC, Investment Fund of Kazakhstan JSC, Zhilstroisberbank of Kazakhstan (HCSBK) JSC, Kazakhstan Mortgage Company MO JSC, KazakhExport EIC JSC, Damu EDF JSC, QazTech Ventures JSC, Housing Construction Guarantee Fund JSC, Kazyna Capital Management JSC, Baiterek Development JSC, Kazakhstan Project Preparation Fund LLP.
QazTech Ventures JSC was established to enable the development of technology entrepreneurship through the tools of venture financing, business incubation and technology consulting. QazTech Ventures is a part of the structure of “Baiterek” NMH” JSC.