Uzbekistan’s Startup Ecosystem in 2025: A Funding Revolution Underway

It’s been incredible to witness the transformation of Uzbekistan’s startup landscape over the past few years! The ecosystem has evolved from a nascent community into a thriving innovation hub that’s attracting serious investor attention in 2025. We’re seeing unprecedented growth in funding, government support, and international interest — all creating the perfect storm for startup success in this Central Asian nation.

The Funding Explosion: Numbers That Tell a Story

One of the biggest surprises?

Uzbekistan’s startup funding has seen a dramatic 111.92% increase in 2025 compared to the same period last year. In just the first four months of 2025, startups have already secured $110 million across two equity funding rounds — more than double the $52 million raised during the same timeframe in 2024.

Looking at the total ecosystem, we’re now talking about:

• 771+ startups across the country

• $489+ million in total venture funding

• 96 funded companies and counting

• 1 unicorn already established

  
  

These aren’t just numbers — they’re a testament to the rapid maturation of Uzbekistan’s innovation economy and the growing confidence investors have in the region’s entrepreneurs.

Star Players in the Funding Game

Lucky us — we’ve had the chance to track some truly impressive funding rounds in recent months! The standout deals include:

📌 korzinka.uz secured a massive $110 million Series D round in April 2025

📌 Unitlab raised a $200,000 seed round from IT Park Uzbekistan in March 2025

📌 Alif closed a $5 million Series A in late 2024

📌 Uzum (Uzbekistan’s first unicorn!) previously raised $52 million in Series A funding

What’s particularly exciting is seeing the diversity of sectors attracting investment. FinTech continues to lead the charge, but we’re seeing significant momentum in AI, EdTech, and HealthTech as well. This diversification signals a maturing ecosystem that’s expanding beyond the typical first-wave sectors.

The Venture Ecosystem: Growing in Depth and Breadth

Venture investments in Uzbek startups have undergone a remarkable transformation — tripling to $17.5 million in 2024. Even more encouraging? The momentum has carried into 2025, with five new venture funds established in just the first quarter of this year.

We’re particularly impressed by the shift in deal structures. The average venture deal size quadrupled last year, reflecting growing investor confidence. And while most deals remain in pre-seed and seed stages, we’re seeing a significant portion of investments flowing into growth-stage startups — a healthy sign of ecosystem maturation.

Government Support: A Catalyst for Growth

What makes Uzbekistan’s startup scene particularly unique is the robust government support through initiatives like IT Park Uzbekistan. Here’s what stands out:

📌 Up to 50% expense reimbursement for startups participating in international accelerators (up to $20,000)

📌 Co-investment opportunities of up to $100,000 through the “1+1” program

📌 Venture credit options with favorable terms below market rates

📌 The President Tech Award with a prize fund of $1 million

These aren’t just financial incentives — they represent a genuine commitment to fostering innovation at the national level. The ecosystem is being deliberately constructed to reduce barriers to entry and growth for ambitious founders.

International Integration: Taking Uzbek Startups Global

We deeply appreciate how the ecosystem is evolving beyond national borders. Programs like Local2Global are streamlining the process for Uzbek startups to expand internationally — offering not just technical assistance but also cultivating the strategic mindset essential for global success.

The partnership between IT Park and Plug and Play — one of the world’s largest accelerators — since 2022 has been particularly transformative. By late 2024, they had secured over five strategic agreements with global accelerator programs, creating new pathways for Uzbek startups to access international markets and capital.

Hot Sectors Driving Growth

Which sectors are leading Uzbekistan’s startup revolution? The data shows clear winners emerging:

📌 FinTech: With companies like Uzum and Alif securing significant funding, financial technology remains the dominant sector. The explosion of digital payment solutions, banking alternatives, and financial inclusion technologies is reshaping Uzbekistan’s economy.

📌 Artificial Intelligence: A new wave of AI startups is emerging, with companies like Unitlab attracting early investment. These ventures are applying machine learning and neural networks to local challenges in agriculture, education, and enterprise.

📌 EdTech: Education technology has seen remarkable growth, with several startups developing platforms that address Uzbekistan’s growing demand for accessible, quality education and professional development.

📌 HealthTech: Healthcare technology startups are attracting substantial investment, focusing on telemedicine, healthcare accessibility, and medical data management systems tailored to Central Asian markets.

Investment Landscape: Who’s Backing Uzbek Innovation?

The investor ecosystem supporting Uzbekistan’s startups has diversified significantly in 2025. Key players include:

📌 European Union: Acting as the top investor based on number of companies funded, with investments in Plug and Play Tech Center, Uzbektelecom, and educational institutions.

📌 AloqaVentures: A Tashkent-based venture firm actively investing in local startups like YOTO, Sello.uz, and Billz.

📌 Sturgeon Capital: This London-based investor has placed strategic bets on ArzonApteka, Billz, and other promising ventures.

📌 IT Park Uzbekistan: Beyond providing infrastructure, IT Park has become an active investor through initiatives like IT Park Ventures.

📌 Angel Investors: The angel investment community has grown substantially, with local business leaders increasingly participating in early-stage funding rounds.

What’s Next for Uzbekistan’s Startup Ecosystem?

Will Uzbekistan emerge as Central Asia’s premier startup hub by the end of 2025? All signs point to yes! The combination of increasing investment, government support, and international connections is creating unprecedented momentum.

Here’s what we’re watching closely for the remainder of 2025:

• How the five newly established venture funds will deploy capital

• Whether we’ll see the emergence of a second unicorn

• The evolution of sector diversity beyond current favorites

• Increased international investor participation beyond regional players

  
  

Challenges and Opportunities Ahead

Despite the impressive growth, Uzbekistan’s startup ecosystem still faces challenges. Talent retention, regulatory frameworks, and scaling beyond regional markets remain hurdles for many founders. However, these challenges present opportunities for ecosystem builders and policymakers to implement targeted solutions.

We’re particularly excited about opportunities in:

• Cross-border expansion within Central Asia

• Integration with global technology supply chains

• Development of specialized tech talent pools

• Evolution of regulatory frameworks to support innovation

  
  

A Bright Future for Uzbek Startups

The transformation we’re witnessing in Uzbekistan’s startup ecosystem is nothing short of remarkable. From funding growth to sector diversification, from government support to international integration — all elements are aligning to create an unprecedented environment for innovation.

So — are you ready to explore opportunities in Uzbekistan’s startup ecosystem? What potential do you see in this rapidly evolving market? We’d love to hear your thoughts!