Silkway Accelerator Participants Raise $7.5 Million in Investments

ASTANA – Thirty seven startups attracted investments of $ 7.5 million in total following three streams of the Silkway Accelerator program, said Magzhan Madiyev, CEO of Astana Hub International Technopark of IT Startups, the hub’s press service reported on June 29.

Photo credit:

With a collective estimate of $400 million and Monthly Recurring Revenue (MRR) at $2 million, the startups achieved good results and tapped into international markets, Madiyev noted.

The Silkway Accelerator, a joint program of Astana Hub and Google for Startups, has recently completed its third stream, where only 12 startups out of the selected 15 succeeded, showing a rapid growth in three months.

Some 280 applications were submitted from the countries of Central Asia, Azerbaijan, Georgia, and Mongolia.

The third stream participants collectively raised $575,000, increasing MRR by an average of threefold and reaching agreements with investors preliminary valued at $1.2 million.

At a Demo Day organized after the third stream, Kanat Keldibekov, founder and CEO of ApartX startup for renting apartments, said his team raised $250,000 in investments, expressing his readiness to enter the markets of Southeast Asia.

“We strive to simplify and improve the rental process by providing reliable contracts, efficient management, and increased security for both parties,” he explained.

The Astana Hub CEO shared that 15 startups are studying in Silicon Valley in another acceleration program implemented with Draper University. He added that many of them completed the previous streams of the Silkway Accelerator.

Madiyev thanked partners and trackers for joint work and the Ministry of Digital Development, Innovation, and Aerospace Industry for comprehensive support.

Baris Yesugey, head of Google for Startups and Google Developer Ecosystem in the Middle East and North Africa (MENA), Türkiye, and Central Asia, thanked startuppers for participating in the program, noting that they have moved to a new level.

“We are proud of you and will support you after the program ends. Now you are part of the Google for Startups family,” he said.

Kazakhstan is the first and only country in Central Asia to launch the Silkway Accelerator program, which announced the enrollment for the fourth stream. Applications can be submitted until July 7, with the program’s start scheduled for August.

The training will run offline in Astana for three months. Participants will receive free accommodation, visa support, training, and mentoring from Google for Startups and Astana Hub.

Get The Astana Times stories sent directly to you! Sign up via the website or subscribe to our Twitter, Facebook, Instagram, Telegram, YouTube and Tiktok!