Auto-translation used

The startup revolution in Kazakhstan is gaining momentum

In 2024, the startup ecosystem of Kazakhstan is experiencing a real flourishing. According to the Association of Fintech and Innovative Technologies of Kazakhstan, 357 new startups were registered in the country in the first six months of 2024, which is 28% more compared to the same period last year.

The state program "Digital Kazakhstan" makes a significant contribution to the development of innovative entrepreneurship. In 2024, the volume of financing for this program amounted to 120 billion tenge (about 280 million US dollars), which allowed the creation of eight new accelerators and three venture funds.

Almaty remains the largest startup center, where more than 60% of all technological projects in the country are concentrated. Famous startups such as Chocofamily (e-commerce) are located here, (fintech) and (online car sales).

Statistics also confirm the growing attractiveness of Kazakhstan for investors. According to KPITB (Kazakhstan Project Innovation Technology Bureau), in 2023 the volume of investments in local startups amounted to $ 78 million, and in the first quarter of 2024 this figure has already reached $ 35 million.

Given the rapid growth and potential of the market, many international companies are also opening their R&D centers in Kazakhstan. So, in 2024, Google launched a hub in Almaty for the development of new products based on artificial intelligence.