Startups ranked by AI-estimated valuation
Kazakhstan’s 12 most valuable startups
A quarterly ranking of non-listed Kazakh startups that have already raised funds, established by artificial intelligence from public information. The market sets the value; AI models estimate it.
Listed benchmarks
Kaspi.kz · Super app: payments, marketplace and banking · Nasdaq · KSPIFreedom Holding · Brokerage, banking and digital services · Nasdaq · FRHC
Not ranked: no intention is possible on a listed company.
The market at a glance
12companies ranked
4companies on the radar
USD 209M (USD 79M excluding Higgsfield AI)raised in 2025
80+rounds in 2025
Kazakh startups raised USD 209M in 2025, nearly three times the USD 71M of 2024, but USD 130M of it went to Higgsfield AI; excluding it, funding rose 11% to USD 79M, with AI taking almost half and local business angels the most active investors. Kazakh-founded startups based abroad, mostly in the United States, raised more than USD 214M on top of these totals. Sources: RISE Research, Startups and Venture Capital in Central Asia 2026 (2025 data), via Forbes Kazakhstan, RISE Research 2025 figures, via Kapital.kz. Intention counters will be shown above a threshold of amount and number of Backers.
National ranking · all sectors
Snapshot23 Oct 2026A snapshot taken on 23 Oct 2026
This ranking shows the startups as they stood on 23 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 23 Nov 2026.
Spotted a more recent round? Tell us →First edition: no movements yet.
This ranking shows the startups as they stood on 23 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 23 Nov 2026.
Spotted a more recent round? Tell us →First edition: no movements yet.
By sector17% Business software17% Commerce17% Edtech17% Mobility & logistics8% AI8% Fintech8% Healthtech8% Media & gaming
| # | Company | Sub-sector | Known funding | Estimated valuation (AI) · range | Pool of InterestsInterest: a free, non-binding declaration on a company, or on a sector within an area, made during the free phase of a pool. Pool: all the Interests declared on the same target. This column shows the number of Backers and the combined amount of their tickets, to validated members only. Terms for Backers → | BackBacking a startup on Uback (pronounced “you back”) can be done in two ways: Interest · free: a non-binding declaration that signals your demand for a company or a sector. You can move or withdraw it at any time, with up to 5 at once. Intention · coming soon: a paid, confirmed declaration, still non-binding. Once its pool reaches critical mass, it is presented to a company by a partner desk. Neither is an order nor a commitment to invest. Terms for Backers → |
|---|---|---|---|---|---|---|
| 1 | JETAlmaty · founded 2021 2025 revenue of USD 48.7M, about half from Brazil; holding registered at the AIFC. |
Mobility › e-scooter sharing | raised Equity round · amount undisclosed · at a USD 70M valuation; its holding counts more than 100 investors |
No equity round with a disclosed amount. Published valuation: USD 70M (Jun 2026)Method |
Be the first | Back |
| 2 | ChocofamilyAlmaty · founded 2011 Brands include Chocofood, Choco Delivery, Choco Smart Restaurants (Rahmet), Chocolife.me and iDoctor.kz; sold Aviata/Chocotravel to Freedom Holding in 2023 and control of Ryadom to inDrive in 2025. |
Consumer apps › food delivery and local services | USD 8M+ raised Strategic round · USD 5M · Aug 2019 (Aidyn Rakhimbaev), at a USD 50M valuation; shares bought back in 2024 |
Last known equity round: Strategic round · USD 5M · Aug 2019 (Aidyn Rakhimbaev)Method | Be the first | Back |
| 3 | SHAIAlmaty · founded 2024 About 30 clients, mostly in Kazakhstan; about 90% of the team is based in Kazakhstan. |
AI › enterprise AI agents | USD 6M raised Seed · USD 5M · Sep 2025 (Ruslan Adilbaev), after USD 1M in Apr 2025 |
Last known equity round: Seed · USD 5M · Sep 2025 (Ruslan Adilbaev)Method | Be the first | Back |
| 4 | TrustMeAlmaty | Software › e-signature and digital contracts | USD 1M+ raised Angel round · USD 1M · Jan 2025 (Tim Draper), at a USD 15M valuation |
Last known equity round: Angel round · USD 1M · Jan 2025 (Tim Draper) Published valuation: USD 15M (Jan 2025)Method |
Be the first | Back |
| 5 | The Fashion PeopleAktobe Garderob reports more than 180,000 users in Kazakhstan; European B2B brand at thefashionpeople.com. |
Marketplaces › second-hand fashion | USD 2.5M+ raised Seed · USD 2.5M · Sep 2025 (White Hill Capital, Startup Wise Guys, Bask International Group) |
Last known equity round: Seed · USD 2.5M · Sep 2025 (White Hill Capital, Startup Wise Guys, Bask International Group)Method | Be the first | Back |
| 6 | CodiPlayAstana · founded 2019 Used by about 1,200 institutions in 13 countries; pivoting to AI-first hardware kits from Sept 2026. |
Edtech › coding education for schools | USD 2M+ raised Seed · USD 2M · 2023 (White Hill Capital); a USD 9M Series A announced in Jan 2025 was only partly received |
Last known equity round: Seed · USD 2M · Jan 2023Method | Be the first | Back |
| 7 | UvUAlmaty Operates in Almaty, Astana and Jeddah. |
Mobility › corporate and school shuttles | USD 1.1M+ raised Pre-Series A · amount undisclosed · May 2026 (INMerge Ventures), at a USD 10M valuation; earlier USD 1.1M from angels and funds (Big Sky Capital, MOST Ventures) |
No equity round with a disclosed amount. Published valuation: USD 10M (May 2026)Method |
Be the first | Back |
| 8 | Prosper PayAlmaty · founded 2023 Plans expansion to Central Asia and the Caucasus. |
Fintech › earned wage access | USD 1.75M+ raised Pre-Series A · USD 1.5M · Mar 2025 (Murat Abdrakhmanov, Askar Dostiyarov, Ermek Ashkenov) |
Last known equity round: Pre-Series A · USD 1.5M · Mar 2025 (Murat Abdrakhmanov, Askar Dostiyarov, Ermek Ashkenov)Method | Be the first | Back |
| 9 | Naimi.kzAstana · founded 2015 2025 revenue of USD 1.6M; integrated into the Freedom Bank app since April 2025. |
Marketplaces › home and local services | USD 7M+ raised Strategic round · USD 1M · Feb 2020 (Timur Turlov), after USD 5M from BI Group in 2019 |
Last known equity round: Strategic round · USD 1M · Feb 2020 (Timur Turlov)Method | Be the first | Back |
| 10 | CitixAlmaty · founded 2019 Smart Pillar project announced at fuel stations in Oman, Tanzania and Saudi Arabia. |
Adtech › smart-city digital outdoor advertising | USD 1M+ raised Strategic round · USD 1M · Dec 2023 (Tim Draper) |
Last known equity round: Strategic round · USD 1M · Dec 2023 (Tim Draper) Published valuation: USD 98M (Dec 2023)Method |
Be the first | Back |
| 11 | JobEscape Founder chose debt financing over new equity in 2025. |
Edtech › AI and freelance skills | USD 1.3M raised Seed · USD 0.7M · Jun 2024 (Tumar Venture Fund, Oraseya Capital, Caucasus Ventures); about USD 1.3M of equity in total |
Last known equity round: Seed · USD 700k · Jun 2024 (Tumar Venture Fund, Oraseya Capital, Caucasus Ventures)Method | Be the first | Back |
| 12 | DOQ.kzAlmaty | Healthtech › doctor search and booking | USD 1.1M raised Bridge round · USD 0.66M · Sep 2024 (MOST Ventures), after a USD 0.5M seed in 2023 (Almaz Capital) |
Last known equity round: Bridge round · USD 660k · Sep 2024 (MOST Ventures)Method | Be the first | Back |
Back · Backing on Uback (pronounced “you back”) means declaring an Interest (free) or an Intention (coming soon). Backing does not mean that this company is raising funds or that a shareholder is selling shares, and it is not a commitment to invest. Any deal, through a funding round or a sale by an existing shareholder, is handled by a partner desk: the Fundraising Desk of the country for a round, the Secondary Sales Desk assigned to the company for a sale. · Terms
Ranking in descending order of AI-estimated valuation, based on public information, with no human intervention on the order. The valuations, ranges and brackets shown are editorial estimates produced by AI, purely indicative and imperfect by nature: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Ranking established by Claude (Anthropic) from public information, following the published rules. A consensus of several AIs will apply from 1 December 2026. Eligibility: at least $1M raised in equity, non-listed company, main operations in Kazakhstan. Request a correction
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How to read this ranking
Rank
Companies are ranked by AI-estimated valuation, highest first. The market sets the value; AI models estimate it.
Estimate
An AI-estimated valuation, its uncertainty range and its order of magnitude. Indicative, and imperfect by nature.
- Hundreds of k$
- Millions $
- Tens of M$
- Hundreds of M$
- Unicorn
- Decacorn
- Hectocorn
Rankings by sector
Four verticals at launch, more when the feasibility test allows.Coming soon · Top 10
Fintech
Payments, earned wage access and online contract signing.
Coming soon · Top 10
Mobility & marketplaces
Scooter sharing, shuttle buses, food delivery, second-hand fashion and services.
Coming soon · Top 10
Software & AI
Corporate AI agents, smart-city advertising and parking technology.
Coming soon · Top 10
Edtech & health
Coding for schools, online skills training and doctor booking.
GamingAgritechEnergyProptechHR tech
The Uback Fundraising Desk in Kazakhstan
Introductions made by a Fundraising Desk partner, currently being selected
An adviser licensed by the AFSA (Astana Financial Services Authority, AIFC), the only party entitled to present Backers’ demand to companies for their funding rounds. Sales of existing shares are handled by Secondary Sales Desks, assigned company by company. Uback remains a media: it ranks and aggregates intentions, it takes part in no transaction.
—deals worked on
—deals closed
—average response time
Capital raising advisers
Become Uback’s Fundraising Desk partner in Kazakhstan
- Foreign investors you would not find on your own
- Your name on every ranking of the country
- Backers’ demand on each company, before its round opens
- The “Uback Fundraising Partner in Kazakhstan” title on your profiles
Radar · known eligible companies, not ranked
Sorted by date of last round, with no judgement and no AI call. Undisclosed amount: the round is confirmed by the press, not its amount.
- Kolesa Group · Marketplaces › online classifieds (autos, real estate)Controlled by Kaspi.kz since Oct 2023 (about 51%), bought from its venture investor for USD 88.5M; no new money sinceBack
- Parqour · Software › smart parking managementSeed and Series A · amounts not confirmed · 2022-2023; about USD 7M invested by its founder and investorsBack
- Sergek Group · Software › smart-city safety and traffic analyticsStrategic investment · amount undisclosed · Dec 2022 (Freedom Holding)Back
- Bugin Holding · Edtech › online tutoring and exam prepFunding round · USD 2.4M · Jul 2022 (Baltabek Mukashev; EPG Education); equity share not statedBack
Born in Kazakhstan, based elsewhere
Companies of Kazakh origin whose main operations are now abroad: not ranked, shown with the law governing their shares.
- Higgsfield AI · AI › generative video
Started in Almaty in 2023 by Kazakh founders; headquartered in San Francisco, with engineering teams in KazakhstanSeries B · USD 400M · Aug 2026 (DST Global; Tribe Capital, Goldman Sachs Alternatives, Intel Capital), at USD 5.4bnBack - Nace.AI · AI › audit and compliance agents
Founded by Kazakh entrepreneurs; run from Silicon Valley, with engineering in KazakhstanFunding round · USD 21.5M · Mar 2026 (General Catalyst)Back - Cerebra AI · Healthtech › AI stroke detection
Founded in Kazakhstan; main office moved to Silicon Valley in 2024Seed · USD 4M · 2023, after USD 1M from Timur Turlov in 2021Back - Investbanq · Fintech › software for family offices
Founded by Kazakh entrepreneurs; headquartered in SingaporePre-Series A · USD 3M · Jun 2025 (Constructor Capital, Big Sky Capital, Orvel VC)Back
Not ranked
- Arbuz.kz · Fully bought by Freedom Holding in 2024
- Aviata · Bought by Freedom Holding from Chocofamily in 2023
- PayBox.money · Bought by Freedom Holding in 2023
- Ticketon · Bought by Freedom Holding in 2022
- Chocomart · Bought by Kazakhtelecom
- Airba Fresh · Created by a retail group; now part of the Halyk Bank ecosystem
- Tabys · Created by the AIX exchange; majority held by the AIFC
- Mycar.kz · Created and funded by the Astana Motors group
- Qazcode · Created by Beeline Kazakhstan
- Alem.ai · State initiative
- Grand Mobile · Outside equity below USD 1M
- Ryadom · Created within Chocofamily; controlled by inDrive since 2025
- Hero's Journey · Chain of fitness studios, outside the tech scope
The method in Kazakhstan
Calendar. Quarterly ranking, published on the 23rd of February, May, August and November. Next edition: November 23, 2026.
Eligibility: at least $1M raised in equity, non-listed company, main operations in Kazakhstan.
Fundraising Desk sought. An adviser licensed by the AFSA (Astana Financial Services Authority, AIFC).
Sources. Kazakh, Central Asian and international business and technology press (Kursiv, Forbes Kazakhstan, Digital Business, The Tech, Profit.kz, The Astana Times, Kapital.kz, TechCrunch, Bloomberg, Reuters), Astana Hub and venture fund data, company and investor announcements.