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Kazakhstan’s venture funds head west

As the local start-up scene matures, Kazakh investors look to Europe’s tech hubs

March 31, 2025

4 min read

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March 31, 2025

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4 min read

Photo by Jon Tyson on Unsplash.

Kazakhstan’s venture capitalists are getting restless. A decade ago, Astana and Almaty hardly registered as start-up cities, but today Kazakhstan boasts one of Central Asia’s most dynamic innovation scenes.

Homegrown unicorns remain elusive, but with plans to create at least five by 2029, the landscape is rapidly evolving: local accelerators have sprouted, funding rounds have grown larger, and international investors are starting to pay attention.

Now, as the domestic market begins to mature, Kazakhstani venture funds are turning their attention westward, seeking opportunities in Europe’s thriving but still affordable startup hubs.

Earlier this month, EA Ventures, the venture arm of Kazakhstan’s EA Group Holding, announced a 20 million euros fund in partnership with Plug and Play, a global innovation accelerator.

Based in Madrid, the fund will focus on early-stage start-ups across Europe, overseen by Plug and Play’s regulated EMEA management company. The new EA Ventures Plug and Play EMEA Fund plans seed investments of 200,000 to 500,000 euros each in 30 to 35 promising European start-ups, particularly in fields like artificial intelligence, fintech, sustainability, enterprise solutions, mobility, and e-commerce.

Yerik Aubakirov, CEO of EA Group Holding, explains why Spain was chosen as the strategic foothold into the European market: “Spain is entering a new wave of tech entrepreneurship. We see an opportunity to bring a fresh perspective rooted in global connectivity and agile capital. This partnership allows us to tap into Europe’s deep talent pool while helping founders think and grow beyond borders.”

Why Madrid?

The selection of Madrid reflects broader trends in European tech investment. Spain, long overshadowed by traditional start-up magnets like London, Paris, and Berlin, has experienced a surge in tech investment in recent years.

Catalysed by supportive policies, relatively lower valuations, and strong universities, Madrid and Barcelona have become attractive entry points for investors looking for both value and growth potential. According to Dealroom data, 2024 was a record year for Spanish start-ups, with funding inflows exceeding two billion, underscoring the logic behind EA Ventures’ move.

Plug and Play’s Managing Partner for EMEA, Seena Amidi, echoes this optimism about Spain’s trajectory. “We believe in the immense potential of Spain and aim to provide both financial and strategic support. Our goal is to connect the best founders with international hubs, enhancing their global reach and agility,” Amidi says.

This partnership also illustrates how Kazakhstan’s venture ecosystem is evolving from a receiver to an exporter of capital. Historically, Kazakh funds concentrated their resources domestically or in familiar markets within the CIS region.

The move to invest in Europe represents a deliberate strategy to diversify geographically and enter markets that offer not only mature technological innovation but established regulatory frameworks and deeper pools of entrepreneurial talent.

Kazakhstan’s start-up ecosystem itself has seen steady maturation over recent years. Government-backed initiatives, along with private accelerators such as MOST Ventures and Astana Hub, have successfully seeded hundreds of start-ups, encouraging local entrepreneurship.

This growth has gradually created a pool of ambitious investors ready to look further afield. But despite rapid local progress, the scale and global reach of Kazakh start-ups remain modest, prompting funds like EA Ventures to seek opportunities abroad, with Europe offering an attractive mix of stability and innovation potential.

Founder-first

The EA Ventures Plug and Play fund combines the former’s flexible, founder-first approach with Plug and Play’s extensive international network of corporates, investors, and advisers.

Portfolio companies will benefit not just from financial backing, but crucially from access to broader markets, strategic mentorship, and potential corporate partnerships—elements that Kazakh investors now recognise as indispensable for startups aiming to scale internationally.

Kazakhstan’s newfound confidence in venturing west is likely a signal of more to come. EA Ventures’ 20 million euros foray into Europe is modest by global standards but meaningful as a bellwether of shifting investment trends.

As Kazakhstan’s investors grow bolder and its start-ups more ambitious, the country’s venture funds will increasingly be seen not merely as regional financiers but as integral players in the wider European tech landscape.

Photo by Jon Tyson on Unsplash.

Marek Grzegorczyk

Marek Grzegorczyk

Marek Grzegorczyk is an analyst at Reinvantage.

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A global technology company operating across EMEA, with a regional HQ in Istanbul. The company manages 20+ markets, handling everything from brand campaigns to strategic partnerships.

Role we worked with: The EMEA Head of Marketing (supported by two regional managers).

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The Sprint uncovered that the issue wasn’t budget, but fragmentation.
Three sharp insights unlocked a way forward:

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By just realigning resources and focus, the client could unlock an estimated £250,000 in efficiency gains within the next 12 months — far exceeding the Sprint’s value guarantee. The path to higher returns was already inside the business, hidden by misalignment.
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With clarity secured, Reinvantage didn’t suggest “more projects.”

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