Seed Money Program

Financial assistance to tech startups from Astana hub

Funding up to KZT 24 million (~$50,000) for tech startups graduated SilkWay Accelerator

Funding is provided under the revenue share model

The model implies an obligation to pay 2% of the project income

Under Seed Money program

+1% - payment within 3 years after disbursement of funds

As Astana Hub participant

+1% - payment of fee for the period indicated in certificate

In this case, the team retains 100% of the startup's equity

Minimum requirements for projects

01.

IT component

Applicant's IT project must comply with the priority activities of Astana Hub

02.

Team

Applicant's team should consist of at least 3 key members

03.

Certificate

Applicant should complete SilkWay Accelerator program, confirmed by certificate

Selection procedure


01

Filing an application

Applicant submits an application with documents at Astana Hub platform

02

Application review

Experts review application in terms of compliance with requirements 

03

Agreement signing

Receiver of Seed Money funds should enter into agreement

Documentation

Checklist

Description of funding terms within Seed Money program

Download

Sample documents

Project schedule and cost estimation samples

Download

FAQ

Frequently Asked Questions

  • How to become Astana Hub participant?

    For more information please visit astanahub.com and open tab "Tax incentives". The main requirement is to carry out priority activities in sphere of information and communication technology.

  • Who can apply for funding?

    Application can be submitted by legal entity. Applicant should complete Astana Hub program implemented jointly with international partners (in 2022 - SilkWay Accelerator). Document confirming completion of such program is the basis for funding.

  • What criteria should an applicant meet?

    An applicant should meet the following criteria:
    1) company is not under liquidation or reorganization
    2) company is not undergoing bankruptcy or rehabilitation proceedings
    3) property is not seized and business activity is not suspended
    4) there is no tax debt
    5) funding/grant from Astana Hub has not been provided previously for implementation of project
    6) have a team consisting of at least 3 people;
    7) have a SilkWay Accelerator project certificate;
    8) activities correspond to priority activities in the field of information and communication technologies.

  • What is a priority activity?

    List of priority activities in the field of information and communication technologies is approved by the Order of the Minister of Digital Development, Defense and Aerospace Industry of the Republic of Kazakhstan dated April 11, 2019 No. 37/НҚ

  • What documents need to be submitted?

    1) application;
    2) certificate on completion of the SilkWay Accelerator;
    3) project schedule;
    4) cost estimation;
    5) documents confirming expenditures indicated in the cost estimation;
    6) certificate on absence of tax debt.

  • Are Electronic Digital Signature (EDS) and individual identification number (IIN) required for an applicant to submit an application?

    In order toapply for funding it is required to have EDS and IIN for company's CEO

  • How long does it take to review application?

    Review of application takes up to 15 business days

  • Who makes the decision to provide funding?

    The document confirming completion of the applicant’s project of the specialized program SilkWay Accelerator, is the basis for issuing funding.

  • What expenditures are covered by funding?

    1) Salary of the project team members, including taxes, fees, and other related obligatory payments
    2) Marketing and advertising expenses
    З) Purchase of components and (or) equipment necessary for implementation of the project
    4) Payment for services of third parties directly engaged in implementation of the project, except marketing services
    (no more than 20% of the all requested funds).

  • What counter-obligations are foreseen for projects that have received funding?

    1) payments in the amount of 2% of the project implementation income, where: 1% payout within 3 years of disbursement (under the funding program) +1% payout of fees (as an Astana Hub participant).
    2) targeted use of funds;
    3) submission of information on ongoing project and annual financial reporting within 3 years from the date of approval of the final report;
    4) not to encumber or sell property acquired under the financing program;
    5) not to purchase services/goods/works from third parties affiliated with the recipient of the financing;
    6) not to transfer the rights to use the results of the project to other legal entities/individuals, both during the period of the funding agreement and within 3 years after the approval of the final report;
    7) and other obligations stipulated in the contract.

  • How to check the status of an application?

    The application status is updated in the applicant's personal account at the platform with the relevant notification.

  • What language to use in application?

    The application and the attached documents maybe submitted at the applicant’s choice in Kazakh or Russian or English language.

  • When does the disbursement period begin?

    The period of disbursement begins starting from the moment when funds are transferred to escrow account, opened after signing the agreement on provision of financing. Funds are disbursed in stages according to the project shedule. The disbursement of funds under the 2nd and subsequent stages occurs after the approval of interim reports.

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