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Manila Bulletin devider Business devider Kazakhstan Science Fund strengthens startup ecosystem, partners top venture capital firm for research commercialization

Kazakhstan Science Fund strengthens startup ecosystem, partners top venture capital firm for research commercialization

Quest Ventures is first international venture capital firm to tap into deep pool of scientific talent and ideas

Published Oct 17, 2023 01:09 am  |  Updated Oct 17, 2023 01:09 am
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Mr. Abdilda Shamenov, Chairman of the Board of the Science Fund, and Mr. James Tan, Managing Partner of Quest Ventures sign a Memorandum of Understanding to embark as knowledge partners to drive startup innovation and investments in Kazakhstan.

The Science Fund, a Kazakhstan national institute for scientific and technological development, today announces that it has signed an important agreement to bolster the vibrant emerging startup and innovation ecosystem in the country.

The Science Fund and Quest Ventures have signed a Memorandum of Understanding to embark as knowledge partners to drive startup innovation and investments in the country. The collaboration will leverage their combined expertise and resources as well as to strengthen linkages between the public and private sector. The Science Fund will leverage the extensive international network of Quest Ventures for research commercialization while Quest Ventures will draw from a deep pool of top scientific talent and ideas.

The MOU was signed in Astana between Mr. Abdilda Shamenov, Chairman of the Board of the Science Fund, and Mr. James Tan, Managing Partner of Quest Ventures.

Mr. Abdilda Shamenov said, “We are excited to join forces with Quest Ventures in our pursuit of innovation and growth in the startup industry.  With a significant presence in Singapore and across Asia, Quest Ventures brings valuable international experience, best practices and an extensive network that aligns with our key goals of strengthening the local technology commercialization and venture capital ecosystem."

Mr James Tan said, "We are delighted to collaborate with the Science Fund to support the technology and innovation ecosystem in Kazakhstan. As the startup and innovation hub for Central Asia, Kazakhstan has produced many game-changing ideas for the region, and more will come. The Science Fund’s pool of resources is testament to the quality of research and defensibility of businesses that can be created. We look forward to working with their scientists to create global impact.”

Quest Ventures portfolio companies include industry leaders such as 99.co, Carousell, Carro, Glife, Hepmil/ PGAG, Oddle, Shopback, VulcanPost, Xfers, and Kraver’s Canteen. Its enterprise innovation clients include Applied Materials, Coca-Cola, HP, Nissan, and Tencent. Its blend of capital and technology work in uplifting communities in emerging economies in Southeast Asia and Central Asia, and has garnered it accolades such as VC of the Year in 2022.

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