Kazakhstan became the leader in the number of venture deals in Central Asia and the Caucasus in 2023

RISE Research, in collaboration with EA Group and BGlobal Ventures partners, as well as Crunchbase, the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan, and KPMG Caucasus and Central Asia, conducted a large-scale study of the venture capital market in Central Asia and the Caucasus. The official presentation of the research results took place at Astana Hub.

According to the data obtained, the venture capital market in Central Asia and the Caucasus is experiencing dynamic growth. The total amount of venture capital deals in the region in 2023 exceeded $110 million.

Kazakhstan became the leader among the countries presented in the report: in 2023, the total amount of venture capital deals in the country exceeded $80 million. For comparison, Georgia took second place with a total deal volume of $21.6 million in 2023. The volume of venture capital financing in Kazakhstan has grown more than six times over the past six years. More than half of all venture capital deals in 2023 occurred in December. The average deal size over the past six years has increased 3.8 times and amounted to $1 million in 2023.

The majority of deals in Kazakhstan were in pre-seed (52%) and seed (38%) rounds. Series A and B rounds accounted for 10% of the total number of deals in 2023. There were no Series C deals in 2023.

The full research is available here.