Kazakhstan's Tumar Venture Fund began accepting applications from startups for investment, QazMonitor reports citing the press service of White Hill Capital Ltd.
White Hill Capital Ltd - the managing company of the fund was selected by the Ministry of Digital Development, Innovation and Aerospace Industry on a competitive basis on the procedures of the World Bank.
The report noted that IT companies at the stages of pre-seed, seed, rounds A, B,and C will be able to apply for investments.
"The Fund aims to invest in Kazakh and foreign startups structured in different jurisdictions in the areas of FinTech, E-commerce, EdTech, HealthTech, AgriTech, LogiTech and other promising industries," the statement says.
The lifetime of Tumar Venture Fund is 8 (+2) years, the investment period is 4 (+1) years, and the fund’s size amounts to up to $50 million.
The early-stage venture capital fund was established in 2021 as part of the Fostering Productive Innovation Project, in partnership with the World Bank and the Ministry of Digital Development, Innovation and Aerospace of Kazakhstan.
Applications from startups are accepted at the official website tumar.vc.