First Exit for an Activat Invest Investor Club Member
In late 2023, Activat VC, together with Investor Club member Bakytzhan Alimbayev, CFO of Aster Auto, invested in the startup BILLZ, a SaaS platform for retail business management in Central Asia.
The idea for BILLZ dates back to 2017. Since then, the team has gone through numerous acceleration programs, tested different growth models, and set ambitious scaling goals.
By mid-2025, Activat VC had successfully exited the project and made a payout to investors. BILLZ showed impressive growth and confirmed the high valuation it had previously received from the Activat VC investment committee.
This case became not only another success for the venture company, but also an important signal for the entire Central Asian market: private investors have started putting money into startups and are already getting their investments back at a multiple.
We spoke with Bakytzhan about how the deal went, what impression his first exit made on him, and what he thinks about venture investing today.
— Tell us a little about yourself.
I oversee finance at a large company and am a serial investor in securities and the real economy. I got into venture investing with small checks to test this instrument.
— How did you learn about BILLZ, and why did you decide to invest?
After Activat VC invested and I made my own assessment of the project’s potential, I decided to join the round.
— How did you feel when you learned about the exit?
I was pleasantly surprised that the exit was profitable and without losses, although the exit valuation turned out lower than I had expected.
— How would you rate the work of the Activat Investor Club?
The team works professionally, with a high level of engagement and expertise.
— What advice would you give to aspiring business angels?
Venture investments carry high risk. You should only invest the portion of your capital whose loss would not affect your financial position.
Marat Tolibayev, CEO of Activat VC, commented on the event:
— How many exits does this make for Activat VC?
This is already the third exit in the company’s history. But every exit is a celebration for an investor, so our team is celebrating this event too.
— Why did you decide to invite members of the Activat Invest Investor Club to join this deal?
One of our missions is to develop the venture market in Central Asia and the Caucasus, including by educating and engaging private investors. That’s why we invite Club members to join almost every deal we do. It’s not even about the money — we have enough funds for such investments. What matters is engaging private investors, educating them, explaining, and demonstrating the opportunities of the venture market through practical cases.
Why this case matters for the market
Stories like BILLZ build trust in venture investing in Central Asia. They show that exits are possible here, and that participation by private investors is not only about risk, but also about experience, learning, and the development of the entire ecosystem.
