Where Can You Sell a Startup? From Online Platforms to Business Angels in Kazakhstan

Kazakhstan's venture ecosystem is growing noticeably. More and more startup founders are thinking not only about scaling but also about an exit strategy. Selling a startup is just as important a stage as launching it. In this article, we look at where you can sell a tech project today: from global marketplaces to local funds.

Contents:

1. Online platforms for selling startups worldwide
2. Investment funds and business angels in Kazakhstan
3. Corporations and big business as potential buyers
4. Accelerators and business incubators
5. Specialized M&A advisors and brokers
6. How to prepare a startup for sale: key steps
7. Legal aspects of selling a startup in Kazakhstan

1. Online platforms for selling startups worldwide

For founders focused on foreign markets, there are specialized online platforms where you can list your project and find a buyer without involving brokers.

The most popular of them in recent years has been Acquire.com (formerly MicroAcquire). It is a marketplace where dozens of startups in SaaS, e-commerce, mobile apps and digital products are sold every day. Competitors such as Flippa, Empire Flippers and FE International focus on more structured deals involving auditors, trackers and legal advisors.

But there is an important condition: all data on the product, team and finances must be verifiable. Such platforms require the seller to have a stable cash flow, a transparent ownership structure, properly registered IP rights and a revenue tracking system (e.g., MRR, ARR). Listing on these platforms without preparation may lead to rejection by potential buyers.

2. Investment funds and business angels in Kazakhstan

Today, both state-backed and private funds operate in Kazakhstan, for example QazTech Ventures, MOST Ventures, MyVentures, and the acceleration and investment instruments of Astana Hub. They readily work with startups at the growth stage or as part of seed investment (Seed, Pre-A).

As noted by The Astana Times: “In 2024, 12 venture funds in Kazakhstan managed a total of $157 million, with 32% already invested in startups. Private investors (wealthy individuals) contribute 44% of venture capital.”

You can also consider the market of private business angels, especially in major cities. A deal with an angel often closes faster, but it requires personal connections and a compelling pitch deck. At the same time, such an investor can not only buy out a stake but also provide mentoring support at the next stage.

3. Corporations and big business as potential buyers

Strategic acquisitions are one of the most common exit scenarios. For large companies, buying a startup is a way to quickly gain technology or expertise.

This means that most startups never reach an IPO — they are acquired by major players. Internationally, these include Google, Amazon, Meta and Salesforce. In Kazakhstan, the trend is only beginning to take shape. But interest from telecom operators, banks and logistics platforms is already visible.

For example, Freedom Holding Corp. acquired the payment service PayBox (which later became Freedom Pay) and also invested in the HR startup EasyTap. In turn, Kaspi.kz bought the online agency Santufei, which allowed it to launch the Kaspi Travel service. These deals show that major Kazakh companies are beginning to use startups systematically to expand their ecosystems, modernize their technology and enter new verticals.

It is important to understand that for a strategic buyer, a startup's value may not match its current profit — synergy often matters more: how easily the product, team and IP can be integrated into the corporation's existing business model.

4. Accelerators and business incubators

Taking part in an accelerator can not only speed up a startup's development but also lead to its sale.

Kazakh startups actively take part in the accelerators of Astana Hub, Quest Ventures, Seedstars and Plug and Play. An important point: participating in an international program builds reputational credit, which can play a key role in a sale. Some startup exits in the region have already followed such programs, with corporations buying the company right after the acceleration ended.

Some foreign accelerators, such as Techstars and 500 Global, actively scout startups of Central Asian origin.

5. Specialized M&A advisors and brokers

You don't always have the resources to prepare a company for sale on your own. This is where M&A advisors and brokers come in. They value the company, prepare the documentation, draw up a list of potential buyers and support the deal through to closing.

The Kazakh market has both major international auditors (PwC, KPMG, EY) and local boutiques with experience in tech deals. They help conduct due diligence, assemble a data room and structure negotiations. This is especially relevant if you are counting on selling abroad.

6. How to prepare a startup for sale: key steps

Proper preparation is more than just putting your documents in order. It is a full-fledged strategy that covers legal, financial, marketing and operational readiness.

Financial statements and metrics. Make sure you can demonstrate growth in key metrics (MRR, ARR, LTV, CAC, churn) over at least 6–12 months. Conduct an internal audit. If you don't have a CFO, hire an external consultant.

Data room. Set up a secure repository for all documents: agreements with investors and employees, tax returns, IP information, corporate structure and shareholdings, customers and legal disputes (if any).

"It is highly desirable to have all the due diligence documents in the electronic data room before the rest of the selling process gathers momentum." — Basil Peters

Marketing package. Selling a startup is not only about numbers. It is also about the story. Prepare an informative and inspiring pitch deck that shows:

• growth and traction,

• the team and its experience,

• potential markets and scaling models,

• competitive advantages.

Negotiation strategy. Plan your funnel using the “20-6-3-1” system: 20 potential buyers → 6 interested → 3 who enter negotiations → 1 deal.

7. Legal aspects of selling a startup in Kazakhstan

Legal structuring is just as important as finding a buyer. The success of the deal and the protection of your interests depend on how transparently and competently it is structured.

Where to sell. Kazakhstan's Civil Code does not provide all the flexible mechanisms used in venture deals. That is why the optimal jurisdiction is the Astana International Financial Centre (AIFC), which operates under common law in the Anglo-Saxon tradition.

Which legal forms are suitable. Startups in Kazakhstan are usually registered as LLPs. Deals with foreign investors or an IPO may require conversion into a JSC. It is also important that the company has no hidden co-founders and that the participants' shares are officially registered.

Standard transaction documents:

• Term Sheet — a preliminary agreement setting out the key terms;

• NDA (non-disclosure agreement);

• SPA (share purchase agreement);

• IP and brand transfer agreements;

• shareholders' agreement (SHA);

• escrow agreement for the secure transfer of funds;

• non-compete and team retention agreements, option contracts (ESOP).

Regulators and compliance. Check compliance with the requirements of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM), and, if you raise funds or take part in an IPO, with the requirements of KASE and AIX.

Legal groundwork should begin 6–12 months before the deal. This will spare you last-minute fixes and legal risks during negotiations.

The startup M&A market in Kazakhstan is gaining momentum. But to close a successful deal, you need to choose the right platform, investor or intermediary. You also need to soberly assess your current state and your readiness for due diligence. The startup world changes fast, but one thing stays the same: buyers pay not for an idea, but for sustainable value and a systematic approach.