Astana Hub has opened applications for Seed Money 4.1, a startup seed financing program, QazMonitor reports citing the press service of the international techpark.
Applications are due on March 5 through this link.
This year, the priority areas for the program include AI, Game development, Blockchain, Defense Tech, Space Tech, Hardware, and Smart City. Selected startups may receive funding up to ₸20 million (over $44 thousand), depending on their development stage.
Magzhan Madiev, CEO of Astana Hub, shared that "67% of the startups that participated in the Seed Money program started earning and showed growth. For example, companies such as UvU, beyne.ai, Parqour, and other companies are graduates of the program. Funding is provided from Astana Hub's own funds under the Revenue Share model, with a 1% payout after all funds are utilized over five years."
In addition to financial support, Seed Money participants receive free co-working space, access to Astana Hub's infrastructure for startups from other regions, expert advice, feedback from industry experts, assistance in B2B/B2G meetings, and networking opportunities with investors and business angels.
To be eligible for the program, a startup must align with one of the three stages of development:
MVP (Minimum Viable Product): A product with minimal but sufficient features to satisfy the first consumers.
PMF (Product-Market Fit): Having a product that fulfills a need in a specific market and has value to consumers.
SCALE: The stage of scaling sales by expanding customer segments and/or other activities to enter new markets.
Startup applicants must have a team of at least three key contributors, including a project manager. The manager should not combine project execution with other work activities to maximize efficiency and process control. Additionally, the applicant must have a legal entity to provide a legal basis for applying for funding and interacting with partners, clients, and investors.
Seed Money program launched in 2021. So far, 45 projects at different stages of development have received funding ranging from 5 to 24 million tenge. To date, 11 startups selected as a result of Seed Money 3.0 have commenced implementing their projects under the Astana Hub funding agreement.