Why is this important
Such volumes indicate that the technology company market is entering a new level of maturity. Investors are ready to make large bets, and state and private funds are increasingly actively involved in ecosystem development.
What happened
- Click topped the ranking with a $176 million investment from Kazakhstan’s Halyk Bank.
- Uzum has attracted $70 million from international investors (Tencent, VR Capital, FinSight Ventures).
- Domestic investments: IMAN received $2 million from Murad Nazarov.
- Aloqa Ventures invested $1.1 million in 15 startups (Gramir, Takleef, Tridmo, Renta, Kinestex, EGaranti, etc.).
New active funds:
- Yoshlar Ventures — first investments: Educoin, Hisobchi AI, Inter AI, Tilmoch (for $20-50 thousand each).
- SQB Ventures (under SQB Bank) invested $100,000 in Verifix.
- The main focus is on AI and SaaS, with most transactions at the pre‐seed stage.
- Almost all companies are located in Tashkent, only two are from Jizzakh.
- The average investment check is approximately $67 thousand (for small startups).
Trends
Private investors operate less frequently, but with large investments; government funds make many “small” deals. For startups, it is more profitable to first attract funds through state funds, increase growth, and then turn to private capital.
The market is developing rapidly — in a couple of years, entry will be significantly more expensive.
Context
As of the beginning of the third quarter, funds like Aloqa Ventures have already financed over 52 startups and invested $5.62 million. At Investors Room in ICT Week 2025, there were already deals with Educoin for $20,7 thousand, Hisobchi AI — $37,5 thousand, Inter AI — $38 thousand.
According to reports on venture capital in Central Asia, the activity of local funds is growing in Uzbekistan, and the total capital of the funds is increasing.
