Over the past two years, Uzbekistan’s venture market has demonstrated steady growth and a gradual strengthening of its institutional foundation. According to ecosystem estimates, the total value of the startup market between 2020 and 2025 reached $3.9 billion, and in 2024–2025 the ecosystem produced two unicorns — Uzum and TBC Bank. These indicators reflect the market’s transition from an early formation stage to a more mature phase of development.
The volume of venture investments between 2023 and 2025 increased nearly fivefold. While total funding amounted to approximately $6.3 million in 2023, it exceeded $300 million by 2025. At the same time, the number of deals also grew significantly — from 34 transactions in 2023 to 140 in 2025, representing an increase of more than 300%.
The number of active startups within the ecosystem continues to rise as well. In 2024, Uzbekistan was home to around 400 startups, while in 2025 their number reached 750, indicating the rapid development of the entrepreneurial environment and an inflow of new teams. Despite this growth, the market remains largely focused on early-stage projects. Most deals are concentrated at the launch and early growth stages, reflecting the ecosystem’s emphasis on building a new pool of technology teams and products.
From an industry perspective, the largest share of venture investments in 2025 was attracted by AI projects (24.4%), e-commerce (11.8%), EdTech (9.4%), as well as ERP, CRM, and B2B solutions (10.2%). Investors are also showing strong interest in SaaS, FinTech, HealthTech, and logistics technologies, highlighting demand for scalable digital products.
A key role in the development of the venture market continues to be played by UzVC, a fund of funds acting as an anchor investor in the creation of new venture funds. Among private venture funds, Aloqa Ventures, IT Park Ventures, and Yoshlar Ventures are actively investing, alongside international players such as Domino Ventures, Purple Ventures, and Tencent.
An additional driver of ecosystem growth is the involvement of the corporate sector. Large companies such as Uzum and BILLZ are integrating into the venture environment through partnerships, investments, and pilot projects, generating demand for technological solutions and accelerating their adoption in the real economy.
For IT Park Uzbekistan, the development of the venture market means the formation of a sustainable investment environment around ecosystem residents and startups. The growth in investment volume, the number of funds, and corporate partners increases the attractiveness of IT Park Uzbekistan as an entry point for both local and international investors, while also creating additional opportunities for technology companies to scale, enter foreign markets, and attract strategic partners.
