Chairman of the Management Board of Qazaqstan Investment Corporation JSC (QIC, a subsidiary of Baiterek NMH JSC) Didar Karimsakov took part in the visiting session of INMerge Summit (Azerbaijan), one of the largest innovation forums in the region, DKnews.kz reports.
The field session took place in Almaty and attracted talented startups and venture capital market participants from all over Kazakhstan.
In his speech, D.Karimsakov noted that QIC plays an important role in the formation of the venture capital ecosystem in Kazakhstan. To date, QIC has created six venture funds, through which 40 Kazakhstani IT startups have been invested.
By cooperating with major international partners such as 500 Global, Temasek and IFC, QIC is adopting global experience and opening up new opportunities for Kazakhstani startups.
At the same time, the Chairman of the Board of QIC noted that startups today face a shortage of financing at later stages of development (series A–C). The new venture fund BGV Fund, which is part of the QIC structure, will help fill this niche. The fund, with a capitalization of $30 million, will invest in young technology companies in Kazakhstan and the region. The management company will be a subsidiary of QIC — BGlobal Ventures Ltd.
"The Caspian region, and especially Kazakhstan, has significant potential for human capital in technical specialties. Access of startups to global practices and mentoring, strengthening the base of local business angels and institutional investors who are ready to take risks at an early stage will help to unlock this potential more widely. This work is systematically carried out by QIC. After all, it is only through systematic investment in people, knowledge and partnerships that it is possible to create a sustainable innovation ecosystem that will connect local talents with global opportunities" Didar Karimsakov
