Uzbekistan's Startup Ecosystem Sees Fivefold Investment Surge in 2025

The startup ecosystem in Uzbekistan recorded explosive growth in 2025, solidifying the country's position as a leading hub for technological innovation in Central Asia.

Total venture capital investments into Uzbek startups reached $329 million, a figure 5.2 times higher than the previous year. The number of deals more than quadrupled, rising from 38 to 140, while the total count of startups grew from 400 to 750.

Experts estimate the ecosystem's total valuation for the period from 2020 to 2025 at $3.9 billion, with two companies already achieving "unicorn" status, valued at over $1 billion each.

The majority of investments were directed towards early-stage ventures: seed rounds accounted for 61%, pre-seed for 31%, and Series A and later stages made up the remaining 8%. This points to high activity during the launch and early scaling phases of projects.

A significant portion of funding originated from abroad. Foreign capital inflows totaled $293.7 million, compared to $35.3 million from domestic sources. While local investors led in the number of deals, international funds provided the largest sums. The average foreign deal amounted to $18.34 million, starkly contrasting with an average local deal of $285 thousand.

The year was also marked by notable developments among investment funds. IT Park Ventures, established in December 2024, had by the end of 2025 signed agreements worth a total of $7.1 million and built a portfolio of approximately 70 startups both within Uzbekistan and abroad, investing up to $1 million per project.

For 2026, this fund plans to launch joint initiatives with international partners. AloqaVentures continued its support for startups within its second investment cycle, focusing on scaling projects into international markets and attracting foreign capital. UZVC is actively developing co-investment strategies through its UzVC FoF (Fund of Funds), allocating a total of $7 million into vehicles like Domino Ventures and Big Sky Capital.

By sector, artificial intelligence attracted the largest share of investment at 24.4%, followed by e-commerce (12.5%), SaaS (11.7%), and ERP & CRM systems (10.1%). This distribution highlights the market's strong focus on digitalization and automation technologies.