Kazakhstan’s QazTech Ventures JSC (QTV) is to have participation worth $10 million in Quest Ventures Asia Fund II venture fund, a representative of QazTech Ventures JSC told Trend.
On October 25, 2019 QazTech Ventures JSC and Quest Ventures (Singapore’s leading venture fund) signed a memorandum for cooperation and understanding.
As noted by the representative, this memorandum oversees participation of QazTech Ventures JSC in the share of Quest Ventures Asia Fund II venture fund worth $10 billion.
"Out of these $10 million, $2 million are to be invested in Kazakhstan’s startups over the next three years," the representative said.
As previously noted by Adil Nurgozhin, the Managing Director of Baiterek Holding, which is a parent company of QTV, the purpose of the memoranda is to place the Kazakhstan’s system of startups on the map of the world.
"In Singapore alone, startups are funded for the amount of $10 billion annually. There are 250 venture capital funds in this city. It is needed that our startups were able to go there to present and sell their products, so that if they don’t succeed here, they would be able to be solidified there," Nurgozhin said.
Thus, according to the official, total value of Quest Ventures Asia Fund II will be $100 million.
"It is planned that the timeframe of the venture operation will be 10 years," the official said.
The representative also noted that the mentioned initiatives will include exchange of expertise and best practices in development of innovative ecosystems, and support of startups outside of Kazakhstan, including support in search for potential partners and investors.
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