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Astana, Kazakhstan • 04 July, 2023 | 08:58
1 min read

Silkway Accelerator: 12 Graduate Startups Raise $575,000

The projects secured agreements with investors worth over $1 million during the accelerator at Astana Hub

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Astana Hub

Twelve startups from the third batch of the Silkway Accelerator program collectively raised $575,000, tripled their monthly recurring revenue, and secured preliminary agreements with investors for $1.25 million, QazMonitor reports citing the press service of the Astana Hub.

Astana Hub international tech park reviewed the results of the third cohort of the Silkway Accelerator, a program jointly organized with Google for Startups. The program received 280 applications from eight countries, including all of Central Asia, Mongolia, Azerbaijan, and Georgia. Fifteen startups were selected for the program, and twelve successfully completed it, demonstrating rapid growth in just three months.

During the graduation Demo Day, the participants presented their projects to local and foreign investors, highlighting their achievements made during the accelerator program.

The CEO of the Astana Hub Magzhan Madiyev said that the Silkway Accelerator has become one of the drivers in the regional startup ecosystem. Graduated in three successful batches, 37 startups have entered international markets and achieved significant results.

“These companies have a combined valuation of $400 million, with monthly recurring revenue of $2 million. They have also secured $7.5 million in funding during the acceleration period. I would like to highlight that we are currently implementing another acceleration program in partnership with Draper University, where fifteen of our startups, many of them graduates from previous streams of the Silkway Accelerator, are being trained in Silicon Valley," added Madiyev.

As of today, enrollment for the new stream of the Silkway Accelerator program has already been announced. Applications will be accepted until July 7, and the program is set to commence in August.

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