Venture Ecosystem Report - Uzbekistan

Startup Investments in Uzbekistan Increased Fivefold in 2025

In 2025, Uzbekistan’s startup ecosystem attracted $329 million in total investments, marking a 522% increase compared to 2024. The number of deals rose from 38 to 140, while the number of startups grew from 400 to 750.

Most investments were concentrated at early stages: 61% seed and 31% pre-seed. Foreign capital accounted for $293 million of the total volume. The cumulative valuation of the ecosystem for 2020–2025 reached $3.9 billion.

In 2025, IT Park Ventures and AloqaVentures were among the most active investors in the market, supporting early-stage startups and participating in follow-on rounds, contributing significantly to overall deal flow and capital deployment.

At the same time, IT Park Ventures and UzVC played an important structural role by contributing to the formation of new funds and further developing co-investment mechanisms, strengthening the institutional foundation of Uzbekistan’s venture ecosystem.