$100,000 for the future of AI startups: Bayzhan Kanafin became an investor and partner of MOST Accelerator Fund

One such example is Bayzhan Kanafin, founder and CEO of Documentolog. Over 15 years, his company has grown from a small startup into the largest electronic document management platform in Kazakhstan, used by tens of thousands of companies.

In July, Bayzhan Kanafin became an investor in the MOST Accelerator Fund — a new $10 million fund focused on supporting and scaling B2B startups using artificial intelligence. His investment amounted to $100,000. Today, the fund’s portfolio already includes 10 selected teams, each demonstrating potential for entering international markets.

We spoke with Bayzhan to find out why he decided to invest in the fund, what experience he is ready to share with young teams, and how he sees the future of the venture market in the region.

Bayzhan Kanafin, city — Astana, CEO of Documentolog, investor at MOST Accelerator Fund

In recent years, Documentolog has evolved from a startup into a sustainable business. We understand how important support is for young teams, especially at early stages.

Today, we are ready to share our experience and help startups operating in related B2B sectors. For us, this is an opportunity not only to contribute to ecosystem development but also to collaborate with other market players in creating new products and solutions in demand both in Kazakhstan and beyond.

When we started, there was no startup infrastructure in Kazakhstan: no accelerators, funds, or mentoring programs. Everything had to be built on our own experience and mistakes.

We well understand how difficult it is to operate in the B2B segment: long sales cycles, the need to build trust and long-term relationships with clients. We want to pass this experience on to young teams — so their path is shorter and more effective.

In my view, today a startup’s success is determined not only by its technology but by its ability to find its niche and become number one in it. That is exactly what we want to help with.

Current state of the venture market in Kazakhstan and Central Asia

The market is still forming, but the dynamics are positive. The MFSA already offers an Anglo-Saxon legal framework, which reduces legal risks. Digitalization is growing, along with demand for B2B automation, and interest in AI solutions and regtech is increasing. However, there is still limited capital at later stages, high market fragmentation, and currency risks.

MOST has proven its effectiveness and knows how to genuinely help startups grow. They have strong competencies in acceleration, building ecosystems of mentors and investors, and working with startup platforms.

We achieved a synergy of roles: MOST handles acceleration, team preparation, and deal structuring, while Documentolog provides B2B distribution, sales experience, and access to a large customer base. Together, we create a “closed loop”: from selecting and developing teams to scaling them through our ecosystem.

Venture investing is not just about returns. For me, it is more like strategic R&D — an opportunity to invest in the future of the economy.

I would advise business leaders to start gradually. For example, try a hybrid format: become an LP or partner in a fund while simultaneously launching a small corporate venture track. This way, you immediately gain experience, partners, and your own expertise.

And most importantly, offer startups more than just money. Access to the market is critically important for startups: distribution, pilots, sales expertise. This is what helps them grow faster.

Documentolog followed exactly this path: we created a corporate fund and became a partner of MOST. This gives startups not just investments, but the opportunity to enter our customer base, leverage our experience in long B2B sales, and expand into foreign markets.

I invite all B2B startups to reach out to us or to the MOST fund — not only as investors, but even more importantly, as partners in scaling.

Mirat Akhmetsadikov, CEO of MOST Accelerator Fund

It’s great when investors become not just people who provide money and resources for startups, but also share their experience and knowledge. We see this in international practice; in Kazakhstan, this trend is just emerging. First, large companies, IT firms, FinTech companies, and banks become the first partners of funds like ours, helping with synergistic development of both the startups and the entire ecosystem. Bayzhan, leading Documentolog, has become one of the first pioneers actively and quickly entering this industry. I hope more such companies will follow.