Silkway Accelerator Participants Raised a Total of $7.5 Million in Investments
Astana Hub, in partnership with Google for Startups, has concluded the third cohort of Silkway Accelerator. The competition for a spot in the third cohort was as strong as in the previous two, with 280 applications from eight countries in Central Asia, Mongolia, Azerbaijan, and Georgia. Out of the selected 15 startups, 12 successfully completed the program, showcasing rapid growth within three months.
"We are proud of you and will continue to support you even after the program ends. You are now part of the Google for Startups family, and we are thrilled that you have reached a new level of success as startups. Thank you for participating in this program," said Barysh Yesugey, Head of Google for Startups & Dev Ecosystem - MENA, Turkiye, Central Asia.
During the Demo Day organized to mark the completion of the third cohort of Silkway Accelerator, the graduates presented their achievements to local and international investors. Kanat Keldibekov, the founder of ApartX, shared, "Throughout the program, we digitized processes, defined our main business strategy, started packaging our marketing efforts, but most importantly, we raised $250,000 in investments. This will allow us to strengthen our presence in the market, establish strategic partnerships with key industry players, such as entering the markets of Southeast Asia. We aim to simplify and improve the rental process by providing reliable contracts, efficient management, and enhanced security for both parties involved."
As a result of the third cohort of Silkway Accelerator, the participants collectively raised $575,000, tripled their monthly recurring revenue (MRR) on average, and secured preliminary agreements with investors worth $1.25 million.
"Silkway Accelerator truly drives the industry and our ecosystem. Over the course of three cohorts of Silkway Accelerator, 37 startups have entered international markets and achieved remarkable results: their combined valuation amounts to $400 million, MRR reaches $2 million, and they have raised $7.5 million during the acceleration. I would like to highlight that we are currently implementing another acceleration program in collaboration with Draper University, where 15 of our startups are being trained in Silicon Valley, and many of them are graduates of previous Silkway Accelerator cohorts," noted Magzhan Madiyev, CEO of Astana Hub, expressing gratitude to partners, mentors, and the Ministry of Digital Development, Innovation, and Aerospace Industry for their comprehensive support.
It's worth mentioning that Kazakhstan is the first and only country in Central Asia to launch an accelerator in collaboration with the global company, Google for Startups. Applications for the fourth cohort of the Silkway Accelerator program are now open, with the deadline set for July 7. The program is scheduled to start in August and will be conducted offline in Nur-Sultan (formerly Astana) for three months. Participants will receive free accommodation, visa support for international participants, as well as training and mentoring from Google for Startups and Astana Hub.
For more information about the participants of the first, second, and third cohorts, visit the astanahub.com platform.
Google for Startups is a startup program launched by Google in 2011. It consists of over 50 co-working spaces and accelerators in 125 countries, providing practical lessons for tech entrepreneurs.
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