Data Collected Regarding Kazakhstan

Kazakhstan is the largest landlocked country globally, sharing borders with Russia,
China, Kyrgyzstan, Uzbekistan, and Turkmenistan.It is situated in Central Asia.
With a population of about 20 million, its capital is Astana. Kazakhstan's terrain
encompasses vast steppes, deserts, mountains, and a Caspian Sea coastline, while
its climate is continental, characterized by extreme summers and winters, with
significant temperature fluctuations. Urbanization is primarily driven by
immigration, with Slavs outnumbering Kazakhs in urban areas. Governed as a
presidential republic, Kazakhstan faces challenges in political pluralism and
freedom of speech. The country has experienced dynamic growth in its venture
capital market, becoming the leader in the number of venture deals in Central Asia
and the Caucasus for 2023. According to a study by RISE Research, conducted jointly
with EA Group Holding and BGlobal Ventures in cooperation with Crunchbase, the
Ministry of Digital Development, Innovation and Aerospace Industry of the Republic
of Kazakhstan, and KPMG Caucasus and Central Asia, the volume of venture capital
financing in Kazakhstan has grown more than 5 times over the last five years, with
venture deals exceeding USD 80 million in 2023.

Overall Analysis of Kazakhstan

Kazakhstan's geographical features range from lowlands to plateaus, mountains, and
deserts, with varying soil fertility across regions. The economy relies on abundant
natural resources, including agriculture, mining, and energy, with participation in
economic alliances like the Eurasian Economic Union. Challenges include political
diversity, freedom of expression, and environmental issues such as soil
contamination and pollution. Despite these challenges, Kazakhstan presents
investment and expansion opportunities due to its strategic location, resources,
and ongoing economic modernization efforts. The venture capital market in
Kazakhstan is experiencing significant growth, with startups in FinTech, AI,
HealthTech, and PropTech attracting maximum interest from venture capitalists.
However, Kazakhstani venture capitalists are losing out to international players in
terms of investment volume, indicating a significant dependence of Kazakhstani
startups on international investors to obtain larger financing. The startup scene
in the region has expanded significantly over the past five years, reflecting a
well-developed economy with numerous startups, funds, and venture capital
investors.