The market for VC transactions, both in Kazakhstan and globally, is known for its limited access to information. In contrast, more developed markets have established structures in place for monitoring, consolidating information, and determining appropriate methodology. Unfortunately, such work is not currently performed in Kazakhstan. As a result, in the face of limited access to information, we have had to utilize various data sources and consolidate them for subsequent monitoring and updating purposes. As the data sources were not always reliable, to test hypotheses and to obtain the most accurate information interviews were held with industry experts and market players that have extensive work experience in Kazakhstan.
The closed nature and lack of transparency of the venture capital market in Kazakhstan have resulted in a significant number of transactions going unnoticed, and this not only hinders an understanding of the industry (and not to mention complicates our research), but also reduces the appeal of the industry for its players, including potential investors and businesspersons. Many venture capital investors prefer to keep their investments and activities private, which makes it difficult to gain a comprehensive understanding of the market.
We have gathered all publicly available data on the venture capital market in Kazakhstan for the period of 2018 to 2022. However, industry experts indicate that this data only represents ~60% of the total market activity. As a result, we have adjusted the total market volume and the number of deals accordingly. However, the analysis presented in the report is based only on the observable publicly available deals. While it may not represent the entire market volume, it still provides a valuable sample for analysis and allows us to identify market trends and gain a general understanding of the market.
The Deals List is based on information published in media reports, and open databases, as well as on proprietary information from MOST Holding, White Hill Capital, and Tech Hub AIFC. In any other instance, we contacted a newsmaker, or source, for confirmation.
We did not perform a detailed check of all data contained in the VC Deal List and in this report and cannot be held liable for its absolute accuracy or completeness. An analysis of alternative sources/ databases of transactions may lead to results other than those presented in this research.
In calculating the volumes and dynamics of Kazakhstan’s VC market, we only include venture investments in companies that operate predominantly in Kazakhstan. Deals involving Kazakh investors and investment recipients that are focused on markets outside Kazakhstan were not considered in this report as contributors to the overall value of Kazakhstan’s VC market.
The Deal List does not include M&As, PE deals, exits, loans, grants, and investments in the market infrastructure.
The deal date shown is the date when a deal was announced in the media, or company reports, unless otherwise specified.