1. Main
  2. Learn
  3. Economy
  4. Companies

Kazakh businessman Kenes Rakishev launches venture capital fund

Kenes Rakishev. ©Tengrinews.kz Kenes Rakishev. ©Tengrinews.kz

Kazakh businessman Kenes Rakishev has invested in a new $102 million venture capital fund, Tengrinews reports citing Geektime.

The venture capital fund was launched on January 28. Other investors in the fund are Singulariteam Ltd with its chairman and managing partner Moshe Hogeg, RenRen social network and Tencent Holding Group, China's largest holding worth $170 billion.

The fund will focus on early stage investments in start-ups in mobile technologies, robotics, finance and Internet.

This will be the second fund for Singulariteam. The first one invested in 12 companies operating in space technologies, Internet and mobile technologies. “The second fund was launched in light of the success of the first one. We are looking for companies that dream to bring some change into this world,” Moshe Hogeg said.

Many of the companies that were created with the help of the first fund have already attained some success by raising a lot of money, gaining a lot of press coverage and many of them are on their way to become key players in their fields.

The list of these companies include InfinityAR, Stox, Mobli, Intelagent, Beyond Verbal, General Robotics, Sirin, StoreDot, Effective Space, Sprylogics, Meta and Yo.

As for the second fund, according to Moshe Hogeg, they were looking for people with outstanding ideas and concepts. The investors promised to provide everything these people need, so that they could focus on creating something significant. Moshe Hogeg assured that it was not just a typical venture fund that only made investments, instead, they were also entrepreneurs, who created ideas and companies.

It is not the first time Kenes Rakishev and Moshe Hogeg work together. In April of 2013, both investors along with then former Prime-Minister of Israel Ehud Olmert launched a global venture capital fund Genesis Angels to search out and finance promising technologies in robotics. 

Kenes Rakishev is one of the 50 most influential people of Kazakhstan. He serves as chairman of the board of directors for several large companies including Kazakhstan's BTA Bank and SAT & Company, a diversified industrial holding. Under Rakishev's leadership, SAT & Co., which is mainly focused on mechanical engineering, infrastructure and petrochemical projects in Kazakhstan and also has plants and projects in Turkey and China, has grown from its initial investment of $10,000 in 2000 to more than $500 million today.

Kenes Rakishev is also the chairman of the board for Kazakhstan Petrochemical Industries, the lead operator constructing the first integrated gas chemical complex in Kazakhstan, as well as Vyborg Shipyard, one of the largest shipbuilding companies in the northwestern region of Russia.

By Assel Satubaldina

 


Nobel prizewinner proposes a new city in KZ
New abnormal snowfalls expected in Kazakhstan
Huge glacier retreat triggered in 1940s
Hyperloop construction begins in Las Vegas
"Moonlight" to top Spirit Awards nominations
Oil prices fall due to investors uncertainty
New dwarf galaxy discovered around Milky Way
Kanat Islam becomes a top ten WBO boxer
World oil prices continue to rise
Kazakhstan expects warming - Kazhydromet
Merkel to seek fourth term as chancellor
Sale of Tintin drawings set to break records
US, EU stocks fall as markets focus on dollar
Pacific leaders urged to defend free trade
EU warns eight nations on budget deficit
Universiade-2017: Athletic Village is ready
Bob Dylan can't make Nobel ceremony
Messi will never leave Barca - club president
Google, Facebook take aim at 'fake' news
Aerosmith announces Europe 'farewell' tour
Putin, Trump to normalise US-Russia ties
At least 10 hurt in southern Turkey blast
6.2 quake hits western Japan
OPEC agrees shock oil output cut
Israeli ex-president and Nobel laureate Peres dies
Germany blocks WhatsApp data transfers to Facebook
32,000 arrested in Turkey coup probe
Youth to the fore as Milan fashion week opens
Xenophobia threatening peace in eastern Germany
Four-in-10 Japanese are virgins: poll
Sweden re-militarises Baltic island of Gotland
China to launch second space laboratory: Xinhua
More than a billion stars mapped in Milky Way: ESA
Boxing: Golovkin eyes Saunders after stopping Brook
Kazakhstan shifts PM to security chief
Oil prices gain despite rising OPEC supply forecast
US to give Philippines military planes
Singapore wages war on Zika-bearing mosquitoes
Italy quake death toll nears 250
Viral photos add fuel to French burkini debate
18 dead as Italy struck by powerful quake
Japan's first lady visits Pearl Harbor
Pokemon's a no-go on Bangkok's roads
July was Earth's hottest month in modern times
Pakistan rock climbers scale new heights