Justart and Fil Rouge Capital sign MOU to launch a $50M early-stage fund for Central Asia

At ICT Week in Tashkent, Justart VC and the European investment company Fil Rouge Capital announced a new venture fund, Justart Fund. Its size is up to $50 million. The two signed a memorandum of understanding to create it.

The fund targets early-stage startups in Central Asia and will invest at pre-seed, seed and Series A. Its mandate covers Physical AI, HR Tech, FinTech, AgriTech, MedTech, GreenTech, HealthTech and cybersecurity. Justart will manage the fund, while Julien Coustou, founder of Fil Rouge Capital, will act as a strategic advisor.

The memorandum was signed by Maxim Tolmachev for Justart and Julien Coustou for Fil Rouge Capital. Alongside the launch, the fund team is in talks with local LPs, including funds of funds and private investors. Some of them have already confirmed their participation.

Justart VC is a venture studio and investment company founded by venture investor Bakht Niyazov. Fil Rouge Capital is a European venture firm that has built its venture business in the Balkans. The new fund extends that work into Central Asia.