Alem Ventures Fund invests up to $3 million in MOST Accelerator Fund

On December 24, a significant step was taken in Astana for the development of the Central Asian venture ecosystem. The management company Qazaqstan Venture Group officially announced the expansion of the investment portfolio of the fund of funds Alem Ventures Fund. The parties signed a term sheet according to which Alem Ventures Fund will invest up to $3 million in the MOST Accelerator Fund, managed by MOST Investment Ltd.

This deal is aimed at supporting and scaling technology startups in the region, strengthening the positions of both groups as key players in the venture market of Central Asia and the Caucasus.

Askar Bilisbekov, CEO of Qazaqstan Venture Group
Today, QVG manages $115 million, two-thirds of which are private sector funds. Our goal is to raise an additional $900 million in global markets. Our task is not just to launch a fund, but to act as a booster for the entire ecosystem by investing in funds — this is one of the most missing links today.

For Qazaqstan Venture Group, this is already the third preliminary investment agreement since the launch of the fund of funds, aimed at supporting institutional venture instruments in the region.

The investment will be directed toward expanding acceleration programs, attracting new startups, and increasing the portfolio of companies capable of quickly entering the Central Eurasian market.

Alim Khamitov, Head of MOST Ventures Funds
For us, this is a landmark event — we are proud to be one of the first local funds to receive funding from the Kazakhstan Fund of Funds. The raised funds will be fully directed toward investments in startups: we plan to form a $10 million fund and invest in 35–40 companies.

About the Deal Parties

Alem Ventures Fund is the region’s first institutional fund of funds, established at the initiative of the Government of the Republic of Kazakhstan and managed by Qazaqstan Venture Group. The fund specializes in supporting innovative projects by investing in funds with high growth potential and export revenue. Its portfolio already includes key regional funds such as Big Sky Capital and Quest Ventures. The goal of Alem Ventures Fund is to build a sustainable venture ecosystem and attract international capital to the region.

MOST Investment Ltd. is a management company at the forefront of Kazakhstan’s private venture market. MOST combines acceleration programs, a business angel club, and venture funds. MOST Accelerator Fund focuses on identifying and developing startups at the Pre-Seed and Seed stages, providing them not only with capital but also with access to a broad network of mentors and international partners for rapid growth and entry into global markets.