Investments in Uzbekistan’s startups increased fivefold by the end of 2025

Uzbekistan’s startup ecosystem demonstrated significant growth in 2025. The total volume of investments reached $329 million, which is 522% higher compared to 2024. The number of deals increased more than fourfold — from 38 to 140.

The number of startups grew from 400 to 750 over the year. The total valuation of the ecosystem for the period 2020–2025 reached $3.9 billion. The country is now home to two technology companies valued at over $1 billion.

The majority of deals were concentrated in early stages: 61% were seed rounds, 31% pre-seed, and 8% Series A and above. This confirms strong activity at the launch and early scaling stages of projects.

In 2025, $293.7 million in investments came from foreign capital, while domestic investments amounted to $35.3 million. Although local investors accounted for the majority of deals by number, the bulk of funding volume was provided by international funds. The average foreign deal size reached $18.34 million, while the average local deal amounted to $285,000.

It is important to note that the deal between Click and Halyk Bank is currently at the negotiation stage. Final agreements and legal closing have not yet been completed, therefore it is considered to be in progress.

A significant milestone was the establishment of IT Park Ventures in December 2024. By the end of 2025, the fund had signed investment agreements totaling $7.1 million and built a portfolio of approximately 70 startups operating both in Uzbekistan and abroad. The fund invests up to $1 million per project and plans to launch joint funds with international partners in 2026.

AloqaVentures continued expanding its investment activities in 2025. The fund is operating its second investment cycle, supporting new startups as well as portfolio companies through follow-on rounds. It is also working on scaling projects to international markets and attracting foreign capital.

The UZVC fund continued developing co-investment mechanisms and attracting international partners. In 2025, $7 million was allocated through the UzVC FoF into venture funds, including Domino Ventures and Big Sky Capital.

Sector-wise, the largest share of investments went to AI (24.4%), e-commerce (12.5%), SaaS (11.7%), and ERP & CRM (10.1%). This reflects the market’s focus on digital services, automation, and artificial intelligence technologies.

By the end of the year, Uzbekistan solidified its position as one of the fastest-growing venture markets in the region. For the country, this means strengthening its role on the global stage as a hub that attracts international capital, supports the launch of new funds, and builds a sustainable technological ecosystem.