December witnessed an upswing in Kazakhstan's funding landscape, fueled by global investments in prominent ventures like Solva and the first-ever entry of American capital into Kazakh tech startup Citix. As local startups expand into international markets and boost the country's export potential, the startup ecosystem has witnessed dynamic growth in December.
Find out more about these and other startup updates in the digest by QazMonitor below.
EasyTap expands to Kyrgyz market
Kazakh startup EasyTap has entered the Kyrgyz market, introducing its online service for hourly job seekers in the retail and HoReCa sectors. The platform has already attracted over 1,000 Kyrgyz job seekers. Co-founder Magzum Tolesh outlined the startup's strategic regional expansion plan, targeting Central Asia, including Kazakhstan, Kyrgyzstan, and potential entry into Uzbekistan and Tajikistan.
Citix secures $1 million investment from Tim Draper
Tim Draper, a prominent American venture capital investor and the founder of Draper University, made history with the first-ever American investment in a Kazakh tech startup—Citix. The company, excelling in Smart City tech and AdTech, rapidly expanded in Kazakhstan and internationally, contributing to a robust technology and service ecosystem for megacities. With an investment exceeding $1 million, Draper valued Citix at $98 million and secured the option to further increase his stake in the company.
Solva attracts $20 million from international investors
Kazakhstan-based fintech company Solva secured a $20 million investment led by the owners of the international conglomerate Orascom – the Sawiris family, and ZCP fund partners. This funding will drive Solva's transition from a microfinance organization to a second-tier bank, prioritizing support for micro, small, and medium-sized businesses. Solva also plans to use the funds to accelerate its regional expansion in Central Asian countries, with a focus on financial products for business.
White Hill Capital invests $200K in AI job platform JobEscape
Investment management company White Hill Capital (the company overseeing the Tumar Venture Fund) invested $200,000 in the Kazakh startup JobEscape, specializing in AI-driven solutions for employment and workforce retraining. JobEscape's CEO, Miras Sovetov, envisions revenue hitting $1 million by 2024.
CerebraAI expands to Uzbekistan
Kazakh startup CerebraAI has launched its AI-powered stroke diagnosis program in Tashkent, backed by investments from Uzbek funds Aloqa Ventures and UC Ventures.
Launched in 2020, CerebraAI initially secured $1 million in funding from Freedom Holding Corp in 2021 and gained global recognition in 2022 when StartUs Insights identified it as one of the top five projects worldwide in brain disease diagnostics.
Global Outsourcer: 73 contracts worth $158,000
The first batch of Global Outsourcer, a program supporting IT outsourcing companies to enhance Kazakhstan's export potential, recently concluded with notable achievements. Fifteen teams underwent acceleration, securing 73 contracts with a total value of $158,000. The participants' sales reach extends across 27 countries, encompassing the USA, Canada, various European nations, Turkey, Australia, and more.