Tech Wrap July 17: Google Backs Ukrainian Startup Workee, Kazakhstan and Uzbekistan Attract Investment in Green Tech and E-Commerce

UKRAINE

Google Invests in Ukrainian Business Management Startup 

Workee, a Ukrainian startup developing an online business management system for freelancers, raised $900,000 in funding from SMOK Ventures, Slava Ventures and angel investors from Silicon Valley, including a grant from Google for Startups Ukraine Support Fund. The total investment in the company has reached $1.6 million, and as of November 2022, Workee had over 100,000 customers and $100M in sales. [Source: ubn.news]

Ukrainian Masthead Data Analysis Startup Raises $1.3 mln in Pre-seed Round

Ukrainian startup Masthead Data, which allows services to track errors and anomalies in large data sets in real time, secured $1.3 million in the pre-seed funding round according to one of the investors, Boris Muselak. Among the investors were SMOK Ventures, DEPO Ventures, Monochrome, Alchemist Accelerator, Snowflake as well as a financial fund from the Google for Startups Ukraine Support Fund. Masthead Data, which works with Google Cloud, plans to expand its services to other providers in the upcoming months. [Source: Tech Ukraine]

Digital Ministry and German Cybersecurity Company Sign an Agreement

The Ukrainian Ministry of Digital Transformation and German company Cyberframe GmbH signed a cooperation memorandum on digitalization, software development , digital security. The cooperation aims to enhance the security of web resources, while promoting resistance to attempts of unauthorized access through experience exchange. [Source: Tech Ukraine]

Ukrainian Real Estate Group Seek Investors for a Logistics Center

The Alterra Group, a Ukrainian company specializing in development and management of real estate, is seeking investors for the expansion and growth of its PORT logistics center in Lviv. Investing in real estate during wartime is not for the faint-hearted, but the project is promising to yield 11.8% a year (USD) over the payback period of 8.5 years. [Source: InVenture]

KAZAKHSTAN 

Asian Infrastructure Bank Sees Kazakhstan’s Potential to Attract Green Tech and Infrastructure Investment

Experts from the Asian Infrastructure Investment Bank (AIIB) believe that Kazakhstan has the potential to attract significant investments in green technologies and transport infrastructure, noting the country is well positioned to achieve zero greenhouse gas emissions and become an continental international logistics center. AIIB is actively supporting projects in the field of renewable energy and transport. Kazakhstan already invested $46.7 million in the Zhanatas wind farm project and planning on expanding the “Middle Corridor” (Trans-Caspian International Transport Route) in the near future. [Source: Kapital.kz]

Smart Cities Automates Cisco ACI Solution for Data Center in Kazakhstan

Kazakh company Smart Cities addressed three major issues faced by automation engineers using Cisco ACI, which managed the data center network manually due to lack of integration with automation systems. By implementing the Infrastructure-as-Code approach using Terraform and ACI, Smart Cities specialists automated their Data Center, enhancing transparency, reducing processing time, and eliminating the human factor, making it a potential product for future use for customers not only in Kazakhstan and countries of Central Asia but also across the globe. [Source: DigitalBusiness.kz]

A New E-Commerce Pilot Launched in Kazakhstan 

Kazakhstan launched a new pilot e-commerce project, to create a client-oriented tax administration approach and simplify tax obligations for individual entrepreneurs trading through electronic platforms. The project, running from July 1, 2023, to December 31, 2024, involves the State Revenue Committee, operators of electronic platforms, sellers, and partner banks as participants. It aims to enhance information security, combat misinformation, and improve tax compliance in the e-commerce sector, making it an important step in the development of e-commerce in Kazakhstan. [Source: Profit.kz]

KYRGYZSTAN 

Countrywide Transition to Cashless Payments Remains a Challenge: Visa

While Kyrgyzstan is showing growth in non-cash payments and digital technologies including Visa Token Service and Visa Tap to Phone solutions, the country’s transition to cashless payments in remote settlements remains a challenge due to people’s gradual habit change and limited level of awareness, according to Kristina Dorosh, regional manager of Visa in Central Asia and Azerbaijan. [Source: economist.kg]

Kazakh Minister Proposes Joint Venture Fund to Support Central Asia Startups

Kazakhstan’s Minister of Digitalization, Bagdat Musin, suggested creating a joint venture fund called Silkway Ventures during the meeting of the Organization of Turkic States. With an initial investment of $100 million, the fund aims to promote startup development, attract investors, and focus on key areas of competence for each country, such as computer games, space technologies, financial technologies, educational technologies, and digital outsourcing, contributing to overall regional development while helping developers and startups to enter new markets. [Source: economist.kg]

UZBEKISTAN 

Technopark INNO Launches a New Start Up Acceleration Program 

Technopark INNO launches a new recruitment for its start-up acceleration program, supporting talented young entrepreneurs in developing and testing their business ideas with access to INNO resources, tools, and personal business coach. The one-month program, from July 20 to August 20, will culminate in a Demo Day presentation to attract potential investors and network with potential partners. [Source: Spot.uz]

POLAND

Poland and South Korea Vow to Support Ukraine’s reconstruction

South Korean and Polish businesses have signed 33 high-tech and energy memorandums during a business forum in Poland’s capital, Warsaw. South Korean President Yoon Suk Yeol pledged to support the private sector’s involvement in Ukraine’s post-war reconstruction efforts, proposing a new chapter of collaboration between Korea and Poland on this initiative. [Source: Korea Herald]

ROMANIA

Romania Prepares for Trading Surge After Europe’s Largest IPO

Romania’s stock market is poised to attract new investors and record liquidity as Hidroelectrica SA, the country’s largest electricity producer, began trading in Bucharest on July 12 with a market value of approximately $10 billion. The initial public offering, Europe’s largest so far this year, is expected to boost liquidity on the Bucharest Stock Exchange and could result in gains on Hidroelectrica’s reference price. [Source: Yahoo Finance]

RUSSIA

Entrepreneurs Invited to St. Petersburg for Founders’ Mondays Project

Founders’ Mondays, a project of the RB.RU team, will host an informal Startup Meeting on July 24 in St. Petersburg with StartupDrive’s accelerator Support. The event will feature startup pitches from founders seeking feedback, followed by networking break for participants to share their experiences and exchange contacts. [Source: RB.RU]