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Astana inaugurates new venture fund to support technology startups

3 March 2024 13:33 (UTC+04:00)
Astana inaugurates new venture fund to support technology startups

In a significant move aimed at bolstering technology startups in Kazakhstan and beyond, a new venture fund named bybcapital has been inaugurated in Astana, Kazakhstan. This initiative, sees prominent entrepreneurs Kenes Rakishev and Asel Tasmagambetova stepping in as the initial investors, setting a robust foundation for the fund's ambitious global outreach.

Charting New Horizons for Tech Startups

bybcapital is poised to become a pivotal force in the startup ecosystem, focusing on nurturing B2B-SaaS companies with a vision for cross-border expansion. Targeting Central Asia and the Caucasus region, the fund aims to facilitate these startups' entry into lucrative markets such as the United States and Europe. At the helm of bybcapital's operations is Askar Bilisbekov, a Stanford Graduate School of Business alumnus with a profound track record in Kazakhstan's business and corporate circles.

A Mission Beyond Investment

Kenes Rakishev, commenting on the fund's launch, emphasized bybcapital's commitment not just to financial investment but to the broader vision of fostering technological innovation and leadership within Kazakhstan and the wider region. "At bybcapital, we don't just invest in startups; we invest in the future," Rakishev remarked, underlining the fund's mission to support the emergence of next-generation tech leaders and entrepreneurs by equipping them with necessary resources and support for global success.

Leveraging Kazakhstan's Innovation Ecosystem

Operating from the Astana International Financial Center (AIFC), bybcapital plans to harness Kazakhstan's burgeoning financial and innovation ecosystem. The AIFC's regulatory framework and business-friendly policies are expected to offer a conducive environment for the fund's operations and its portfolio companies, facilitating their growth and sustainable development. This strategic positioning underscores bybcapital's commitment to leveraging the extensive experience and networks of its founders to catapult Kazakh and Central Asian startups onto the global stage.

The launch of bybcapital marks a significant milestone in Kazakhstan's efforts to foster innovation and support technology startups. With a clear focus on sustainable growth and cross-border expansion, the fund is well-positioned to make a lasting impact on the regional and global technology landscape, driving forward the vision of its founders and stakeholders.

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