On June 5, 2025, Almaty hosted the largest venture forum in Central Eurasia — the Central Eurasian Venture Forum (CEVF 2025). Organized by MOST Holding, with Astana Hub as the title partner, the forum brought together nearly 1,000 participants from over 20 countries: venture capitalists, startup founders, corporate executives, development institutions, and government stakeholders.
This wasn’t just an event. It felt like a turning point — not only for Kazakhstan, but for the region as a whole.
“Venture Renaissance” — a phrase that means real action
The headline theme of the forum was the “Venture Renaissance.” Not as a flashy slogan, but as a call to action: bring in new players, expand the investment horizon, launch long-awaited financial tools, and — finally — match the pace of Kazakhstan’s rapidly growing IT sector.
Pavel Koktyshev, CEO of MOST Holding, didn’t mince words. In his keynote, he offered both hard data and honest perspective:
“The venture renaissance isn’t just about more deals. It’s about attracting new types of investors, expanding the horizons of their participation, and systematically building infrastructure. We’re seeing explosive growth in Almaty’s IT market: over the past three years, the volume of IT services has increased from 200 to 579 billion tenge — more than 2.5 times. Kazakhstan’s IT service exports have grown from $50 million to $529 million. Today, Almaty generates 53% of all IT services in the country. This provides a powerful foundation for growth. But the venture market is lagging behind — its total volume is only $71 million, even with 35% growth. To keep up with the tech sector, we need the active involvement of both venture and traditional investors.”
The numbers speak for themselves. While the digital economy is surging ahead, venture capital is still stretching at the starting line. And that’s why CEVF 2025 mattered — this was a place where decisions were made, not just ideas exchanged.
Startup Battle: $2 million and 10 bold bets on the future
One of the forum’s most exciting moments was the Startup Battle, part of the newly launched MOST Accelerator Fund, which had been five years in the making. The stakes? $2 million in funding, split between 10 standout startups:
- AVM.AI
- Prometei
- MoonAI
- Hi Doctor
- Meteoro.ai
- Call2action.ai
- MetaBI
- Athena AI
- Blink AI
- PanDev
Their focus areas range from AI to healthcare to analytics — but what unites them is ambition. These aren’t just local players. They’re building for global markets, proving that Kazakhstan and the region can export more than just raw materials — it can export ideas and innovation.
A $200M Singapore fund: Kazakhstan enters the global capital game
Perhaps the most game-changing announcement came from MOST Holding: the launch of a $200 million private equity fund in Singapore, dedicated to the Central Asian market.
This wasn’t just a big number — it was a signal. A signal that Kazakhstan is no longer just a place to visit for forums, but a place where serious capital is ready to be deployed.
That signal was reinforced by the presence of a high-level delegation of 20+ Singaporean investors, representing major Southeast Asian financial institutions. These were not “potential partners” — they were here to do business.
Financing tools: building capital from the inside out
MOST is also focused on building internal financial infrastructure. In 2024, it launched a microfinance arm. This year, the company plans to issue 2.5 billion tenge in private bonds, giving startups access to debt without equity dilution — a huge step for capital maturity.
As Koktyshev noted:
“We believe the region needs capital circulation, and we’re offering systemic solutions that complement the venture market. This isn’t just about MOST growing — it’s about the growth of the entire ecosystem: our partners, companies, and investors.”
People over capital: investing in knowledge with the EBRD
Another key announcement was the launch of Venture Start, an educational program created jointly with the European Bank for Reconstruction and Development (EBRD). Designed for aspiring angel investors, the program focuses on practical knowledge, risk analysis, and long-term venture thinking.
The message was clear: building a mature ecosystem means investing not just in startups — but in people. In founders. In mentors. In those who empower others. Without that, capital alone means little.
CEVF partners: a powerful coalition behind the forum
CEVF 2025 was made possible with the support of a wide range of partners:
- Astana Hub (title partner)
- Freedom Broker
- European Bank for Reconstruction and Development (EBRD)
- VISA
- Transtelecom JSC
- Yandex Cloud
- BGlobal Ventures
- Qazaqstan Investment Corporation (QIC)
- International Finance Corporation (IFC)
- UK Foreign, Commonwealth & Development Office (FCDO)
Astana Hub’s Nazgul Baitemirova, a VC advisor to the CEO, moderated the forum’s thought-provoking session, "New VC Playbook: Can a Fund of Funds Be the Catalyst for a New Venture Era?" — an idea that’s gaining serious traction in the region.
So, why does all of this matter?
The forum is over. The banners are down. The lights are off. But something lingers in the air — the sense that something shifted.
Kazakhstan is no longer playing catch-up. It’s starting to set the tone. There’s IT here — and now, there’s capital too. There’s a place where 1,000 people from 20 countries come together not in Dubai or Silicon Valley, but in Almaty. There are founders who are still learning — but already building. There are investors who are still cautious — but already showing up.
CEVF 2025 showed us that venture capital in Central Asia isn’t a myth — it’s a movement. Not yet massive. But growing. And maybe, just maybe, we’ll look back in a few years and say:
“That was the moment it all really began.”
