Capital raising services in Kazakhstan
Kazakhstan's venture capital market has scaled significantly on the back of the Kaspi.kz IPO halo and the AIFC's internationally recognised infrastructure, attracting CIS, MENA and global growth investors to Almaty.
Choco, inDriver and BTS Digital have all drawn international growth cheques as the regional category leaders they represent mature; Activize and Aitu reflect a newer wave targeting digital infrastructure and messaging. AIFC's English common-law framework and 0% CIT environment for IT companies at Astana Hub are the structural anchors for any serious cross-border capital raise.
We work with mid- to late-stage Kazakh startups raising growth capital on the best available terms, drawing on an extensive VC investor network across AIFC-based funds, CIS regional investors and international growth funds. We run the full end-to-end process: pitch deck, operating and financial model, fundraise prep, investor outreach, term sheet negotiation and closing mechanics across AIFC, mainland Kazakh and offshore structures.
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VC rounds raised in the last 12 months in Kazakhstan
$40M
Median VC valuation (across all stages) in Kazakhstan
-
Median VC revenue multiple (across all stages) in Kazakhstan
$6.7M
Largest VC round raised in Kazakhstan in the last 12 months
Raising venture capital in Kazakhstan
Kazakhstan's VC market has scaled materially with the Kaspi IPO halo effect and AIFC infrastructure. Most material rounds at Series A and later involve an AIFC structure or offshore (Cayman or Delaware) parent for international investor familiarity.
Documentation conventions
Most venture-backed Kazakh rounds use international documentation aligned with NVCA templates and adapted for AIFC (English common law) or Kazakh corporate law. The AIFC framework facilitates international templates relative to mainland Kazakh structures.
Convertibles and SAFEs
Convertible loan notes and Y Combinator SAFEs are both used in Kazakh venture rounds. AIFC entities accommodate SAFEs more cleanly than mainland Kazakh structures.
AIFC and offshore structures
Most venture-backed Kazakh companies operate via AIFC entities (50-year tax exemption, English common law) or offshore parents (Cayman, Delaware) over Kazakh operating subsidiaries. The structuring choice is one of the key Kazakh-specific decisions.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard.
Foreign investment treatment
Kazakhstan's FDI regime is relatively open in tech and ICT sectors. Sector-specific restrictions apply in defence, telecoms and certain critical infrastructure. AIFC operates under its own English-common-law-influenced regime.
Closing mechanics
Closings vary by structure - AIFC and offshore-parent closings follow international conventions. Mainland Kazakh closings involve Justice Ministry filings and notarial procedures.
Startups who recently raised money in Kazakhstan
Largest VC round raised recently in Kazakhstan was a $6.7M Seed of Hero's Journey in December 2025.
See all VC rounds in Kazakhstan| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Dec-25 | Hero's Journey | | Hero's Journey is a Kazakhstan-based gamified fitness studio that develops mobile applications for scheduling wellness sessions and tracking personal health metrics. The studio delivers immersive training programs including high-intensity interval training, yoga flows, and strength conditioning classes tailored to individual fitness levels. Operating studios in Almaty and Astana, it integrates gamification elements like leaderboards and achievement badges to motivate users. Hero's Journey partners with local gyms and wellness centers across Central Asia to expand its reach through branded app integrations. | - | $6.7M | - | Seed | |
May-26 | Odd Meter | | Odd Meter develops video games for PC, VR, and console platforms in action, adventure, and simulation genres. | Autotelic VenturesGEM Capital | $5.0M | - | Seed | |
Mar-26 | Hero's Journey | | Hero's Journey is a Kazakhstan-based gamified fitness studio that develops mobile applications for scheduling wellness sessions and tracking personal health metrics. The studio delivers immersive training programs including high-intensity interval training, yoga flows, and strength conditioning classes tailored to individual fitness levels. Operating studios in Almaty and Astana, it integrates gamification elements like leaderboards and achievement badges to motivate users. Hero's Journey partners with local gyms and wellness centers across Central Asia to expand its reach through branded app integrations. | - | $1.5M | - | Seed | |
Dec-25 | NovOrientIT | | NovOrientIT TOO is an Almaty-based IT firm in Kazakhstan developing ChemFusion, an AI-powered platform tailored for chemical and pharmaceutical enterprises. ChemFusion utilizes a proprietary large language model trained on industry-specific data to optimize sales, procurement, regulatory compliance, manufacturing, and supply chain operations. Deployment options include cloud-hosted or on-premise setups with integrated CRM, ERP, data repositories, and analytics for demand forecasting, serving manufacturers, distributors, and R&D organizations across Eurasia. | - | - | $4.4M | Series A |
Top VCs and strategic investors in Kazakhstan
Autotelic Ventures, Axiom Capital, GEM Capital and Orbit Startups funded the most startups in Kazakhstan in the last 12 months.
See all VCs in Kazakhstan| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Murat Abdrakhmanov | | - | GoDaysBeksarKwaaka+2 | 5 | Pre-seed | |
MOST Ventures | | MOST Ventures is an Almaty-headquartered private venture firm investing in Central Asian tech startups with global scalability, particularly fintech. Part of the MOST Ecosystem, it encompasses UMAY Angels Club for investors, MOST Business Incubator for acceleration programs, MOST Hub for co-working infrastructure, and MOST Media for regional coverage. | Hero's JourneyBeksarPorte Tech+2 | 4 | Pre-seed | |
Big Sky Capital | | - | Hero's JourneyKwaakaApartX+2 | 4 | Seed | |
5 | 500 Global | | 500 Global is a San Francisco-headquartered venture capital firm formerly known as 500 Startups founded in 2010. The firm invests from seed to growth stages in technology companies across Southeast Asia, Latin America, Middle East, Europe, and the US with a portfolio exceeding 2,800 startups. Notable investments include Canva, Creditas, and Revolut spanning fintech, e-commerce, and SaaS sectors. 500 Global operates regional funds and accelerators in 80 countries promoting diverse founder ecosystems. | GoDaysPorte TechSquares App+2 | 3 | Pre-seed |
A | Askar Dostiyarov | | - | Prosper Pay | 2 | Angel |
A | Autotelic Ventures | Autotelic Ventures is an investment firm. | Odd Meter | 1 | Seed | |
Axiom Capital | | Axiom Capital is a Kazakhstan-based private equity firm investing exclusively in software companies, with operations accessible via axiom.kz. | FinflowHelio AI | 1 | Pre-seed | |
GEM Capital |  | GEM Capital is a Paphos-headquartered gaming investor operating from Cyprus and Dubai. Established in 2017, it manages over 25 portfolio companies from Europe, Israel, and the U.S., focusing on scalable mobile and PC games. Recognized as Cyprus's largest gaming VC by Mobidictum and Gold Magazine, GEM Capital raised $50 million in 2023 for 2024-2025 deals, earning nominations at MENA Games Industry Awards. | Odd MeterHypemastersStudio42+1 | 1 | Seed | |
Orbit Startups |  | Orbit Startups is a venture capital firm targeting tech companies digitizing traditional industries in emerging markets. The Singapore-headquartered investor supports startups in e-commerce, fintech, media, healthcare, education, and logistics through initial investments, follow-on funding, and lifetime programs for partnerships and growth. Orbit operates across Asia, Latin America, and Africa. | FinflowSignaIntRest+2 | 1 | Pre-seed | |
Astana Hub | | Astana Hub is a Nur-Sultan-based international technopark supporting IT startups and high-tech projects in Kazakhstan. Established in 2018, it houses over 500 companies in its 35,000-square-meter facility, offering co-working spaces, incubation programs, and tax incentives under the Digital Kazakhstan initiative. | Grand Mobile | 1 | Seed |
What if not VC? Non-equity funding in Kazakhstan
Kazakhstan's non-dilutive funding stack is moderate but increasingly favourable - between Astana Hub tax incentives, AIFC tax exemptions, DAMU lending and QazTech Ventures, Kazakh startups have multiple paths to extend runway.
Astana Hub IT incentives
Astana Hub provides zero corporate income tax for qualifying IT activities, VAT exemption on relevant services and zero social tax on qualifying personnel. Material non-dilutive incentive at scale for Kazakh tech.
AIFC tax exemptions
AIFC provides 50-year corporate tax exemption for qualifying financial and ancillary activities. Material for cross-border tech, fintech and services operations headquartered in AIFC.
QazTech Ventures
QazTech Ventures provides direct equity and fund-of-funds investments. Often the institutional anchor in Kazakh tech rounds.
DAMU lending
DAMU provides subsidised lending and guarantees for Kazakh SMEs. Often used alongside private VC for working capital and growth.
Almaty angel ecosystem
Kaspi.kz, inDrive, Choco and other Kazakh tech alumni anchor a growing angel scene. Cross-border participation from CIS and broader regional investors common.
Cross-border venture debt
Cross-border providers operate in Kazakhstan via Russian, European or regional arms. Local banks provide standard SME working capital and growth lending.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Kazakhstan and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Kazakhstan.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
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Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
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We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Kazakhstan
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Kazakhstan
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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