ALMATY, Kazakhstan, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Entrepreneurs Kenges Rakishev and Aselle Tasmagambetova will be the first investors in new venture capital firm BYB Capital, whose goal is to boost technology startups in Kazakhstan and support its growth and international expansion. The new corporation has been introduced today at Fincraft Group's auditorium in Almaty, with over 100 guests in attendance.
BYB will support early-stage B2B software enterprise companies focusing on Central Asia and the Caucasus and trans-border and U.S. market expansion. It will be headquartered in Almaty (Kazakhstan) and have partner offices in California and New York. Its investments will range from pre-seed/seed to Series A stage and will work around real economy sectors such as agriculture, logistics and natural resources, as well as energy security.
Askar Bilisbekov, a Stanford Graduate School of Business alumnus with extensive experience in Kazakhstan's business and corporate sectors, will be the firm's managing partner and will steer day-to-day operations.
Rakishev, commenting on the company's launch, explained that "after more than 15 years of being involved in venture capital internationally, we believe it is the right moment to boost our local startup ecosystem."
"Now, it will not just be about investing and pledging money, but guiding and setting up bridges with American, European, and Asian markets and working hand-in-hand for a new economy," he added.
BYB's approach includes mentoring, knowledge sharing, and access to a global network with a solid commitment to environmental, social, and governance (ESG) principles. Incorporated at the Astana International Financial Centre (AIFC) in Astana, BYB Capital aims to make the best use of Kazakhstan's financial and innovation ecosystem, benefiting from the AIFC's regulatory environment and business-friendly policies.
This new VC is a follow-up to the successful "Build Your Own Business" competition, started by the Saby Foundation a decade ago. For a decade - and with the backing of Rakishev, Tasmagambetova, and global investor and entrepreneur Vyacheslav Kim - it backed and supported the creation of companies by local Kazakhstan professionals.
"In all the years of the "Build Your Own Business" competition, we have seen the potential of the participants and realized that while our grants provide initial development cash flow, entrepreneurs need more funds to grow further. Creating a venture fund is a well-considered decision we have worked on for several years," explained Tasmagambetova.
"Now, BYB capital will allow Kazakhstani entrepreneurs to reach a new level of development; it is focused on larger projects and will help entrepreneurs scale up," she added.
Kenges Rakishev (Almaty, 1979) is the Chairman of the Fincraft Group (NCOM.KZ), a majority shareholder of Fincraft Resources (SATC.KZ), listed on the Kazakhstan Stock Exchange (KASE). He has been a member of Kazakhstan's Forbes List since 2012. Globally known for his investments in natural resources and technology companies in the United Kingdom, Europe, and the United States, he is currently focused on investing in energy security projects. Most recently, he financed and was the first non-executive Chairman of Central Asia's first SPAC, Oxus Acquisition, until it successfully merged with now Nasdaq-listed company Borealis Foods.
For her part, Aselle Tasmagambetova (Atyrau, 1979) is considered one of Kazakhstan's leading philanthropists and ecologists and has worked for 20 years to promote and support health, educational, and environmental projects in the region.
Further Info:
Office of Kenges Rakishev: https://kengesrakishev.com/
BYB Capital: https://byb-capital.com/
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