Kazakhstani startups could attract about $400 million in venture investments in 2026—almost twice as much as the $209 million last year. The main growth drivers will be the activation of the state fund of funds Alem.ai and the influx of foreign capital.
This forecast was voiced by Murat Abdrakhmanov, founder of the MA7 fund, at a briefing dedicated to the GETIX exhibition in Kazakhstan.
Where the money will come from
According to Abdrakhmanov, the growth will be supported by two key sources. The first is the launch of the Alem.ai fund of funds, which will begin actively investing in the local market. “About $130 million will be deployed to the market this year,” he noted.
The second source is foreign investment. Abdrakhmanov expects external investors to inject about $200 million into Kazakhstani startups, accounting for half of the total volume.
The largest recipient of funds will be the startup Higgsfield, which could raise over $200 million. In 2025, this company already raised $130 million and became the first Kazakhstani unicorn with a valuation of $1.3 billion.
Growth context
Kazakhstan’s venture capital market already showed impressive dynamics in 2025. The investment volume tripled to $209 million, up from $71 million a year earlier. Even excluding the Higgsfield round, the market continued to grow: investments increased by 11.3% to $79 million.
For Kazakhstan, such growth signifies a qualitative transition from episodic investments to the formation of a full-fledged venture ecosystem. The emergence of the first unicorn and the activation of the state fund create a critical mass for attracting international attention to local startups.
Finteqstan’s commentary
In our view, the projected doubling of the venture market demonstrates the maturation of Kazakhstan’s startup ecosystem and the growing interest of international investors in the region. The emergence of a state fund of funds as an anchor investor could create a multiplier effect for the development of fintech startups and digital services in Central Asia.
What’s next
The realization of the forecast will depend on the ability of Kazakhstani startups to scale and enter international markets. A key test will be Higgsfield’s success in raising the stated $200 million and the company’s further development as the flagship of the local ecosystem.
For regional fintech startups, the growth of Kazakhstan’s venture market could mean new opportunities for raising capital and expanding into neighboring Central Asian countries.