Qazaqstan Investment Corporation and Sturgeon Capital Agree to Establish Venture Fund for Central Asian IT Startups
Introduction
The Qazaqstan Investment Corporation (QIC), a private equity fund based in Kazakhstan, has partnered with the United Kingdom's Sturgeon Capital management company to establish the Sturgeon Emerging Opportunities II LP venture fund. The fund aims to provide financing opportunities to IT startups in Central Asia, focusing on the fintech, software, business products, and services sectors.
Attracting Foreign Investment to Kazakhstan
According to QIC's Chairman of the Board, Yerbolat Zholat, one of their key objectives is to attract foreign investment to Kazakhstan. The partnership with Sturgeon Capital is expected to bring in institutional investors and major private foreign investors, adding more potential to the fund.
Boosting Kazakhstan's Venture Market
Kiyan Zandiyeh, Chairman of the Board of Sturgeon Capital, emphasized the development of Kazakhstan's venture market. He expressed his pleasure in welcoming QIC as a partner, stating that their cooperation will provide an additional boost to the venture capital market in the country. Zandiyeh also highlighted that Kazakhstan serves as the entry point to the Central Asian market, presenting an exciting opportunity to consider promising projects in the region.
About Sturgeon Capital
Sturgeon Capital is an investment management company headquartered in the U.K. With over a decade of experience, they have been managing investment funds while offering investment strategies and consulting services.
Conclusion
The establishment of the Sturgeon Emerging Opportunities II LP venture fund by Qazaqstan Investment Corporation and Sturgeon Capital signifies a significant milestone in supporting Central Asian IT startups. With a focus on fintech, software, business products, and services sectors, the fund aims to provide financing opportunities at various stages of growth. This partnership is not only expected to attract foreign investment to Kazakhstan but also contribute to the development of the venture market in the country.
Analyst comment
Positive news. The establishment of the Sturgeon Emerging Opportunities II LP venture fund by QIC and Sturgeon Capital will attract institutional and private foreign investors to Central Asia’s IT startups. This partnership will give a boost to Kazakhstan’s venture market and provide opportunities for promising projects in the region.
