The President of Uzbekistan, in his Resolution No. 357 of October 14, 2024, aimed at developing startup and venture financing ecosystems in Uzbekistan, approved the “Digital Startups Program”. Within the framework of this program, on December 7, 2024, the “IT Park Ventures” venture fund was launched, which is the main tool for supporting startups and an important step towards transforming Uzbekistan into one of the leading startup hubs in the region.
“IT Park Ventures” supports startups in a number of promising areas, including:
• Artificial intelligence and machine learning (AI/ML)
• Green technologies (GreenTech)
• Educational technologies (EdTech)
• Financial technologies (FinTech)
• Game development (GameDev) and other innovative areas.
The average investment amount is approximately $150,000, with the investment range varying as follows:
• Idea stage: from $10,000 to $30,000.
• MVP stage: from $50,000 to $150,000.
• Growth stage: from $150,000 to $300,000.
• Round “A”: from $500,000 to $1 million (for the fund’s portfolio startups).
In addition, Resolution No. PQ-357 provides for additional financing mechanisms – investments of up to $100,000 (for startups that have attracted investments from international venture funds with a capital of more than $50 million) and loans of up to 300 million soums, which will be implemented within the framework of the fund. These measures are aimed at creating a sustainable startup ecosystem and increasing the competitiveness of Uzbek startups on the global stage.
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