New venture fund with participation of Kazakhstan's QazTech Ventures has first close
BAKU, Azerbaijan, Apr. 17
By Nargiz Sadikhova - Trend:
Quest Ventures, a top-ranked venture capital firm in Asia, carried out first close of new Asia Fund II worth $50 million and anchored by two institutional investors - Pavilion Capital from Singapore, and QazTech Ventures from Kazakhstan, a representative of Quest Ventures told Trend.
A first close of a fund means that the fund is ready to start its operations and invest into startups.
“With Fund II, Quest Ventures now has the support of entrepreneurs, C-suite executives, Asia family business founders, family offices, and institutional investors across more than a dozen industries and nationalities,” Quest Ventures said.All news
The representative said that Kazakhstan’s national economic initiatives have seen increased business activities between Central Asia and Southeast Asia.
“This is its sovereign wealth fund’s first investment in a venture capital fund in Asia, and is widely seen to be tapping into Quest Ventures’ experience in emerging Asia and in developing innovation ecosystems,” the representative said.
This partnership is expected to enable Kazakh start-ups to secure important investments, improve competency, and gain access to global markets. The fund will invest in start-ups across Southeast Asia and emerging Asia at the Post Seed and Series A stages.
On October 25, 2019 QazTech Ventures JSC and Quest Ventures (Singapore’s leading venture fund) signed a memorandum for cooperation and understanding. Later in Mar. 2020 companies signed an agreement for fund establishment.
Quest Ventures is a leading venture fund for companies that have scalability and replicability in large internet communities. Its portfolio of 50+ venture-backed companies operate in more than 150 cities across Asia.
QazTech Ventures Joint Stock Company is a development institution owned by Kazakhstan’s Baiterek National Managing Holding. The core mission of QazTech Ventures is the promotion of technological entrepreneurship realized through the development of venture capital funding, business incubation and technological consulting services.
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