The United Ventures joint investment fund, established by seven state banks, aims to provide financial support to promising startup projects and develop the ecosystem.
According to the Unified State Register of Enterprises and Organizations, United Ventures was registered on January 27, 2025. The authorized capital is 525 billion soums ($40.51 million at the Central Bank exchange rate), and the company is headed by Azizbek Kurbonov. Kurbonov was previously a co-founder of the Insurance Market startup.
Founders of the fund
The founders of United Ventures include Asakabank, Mikrokreditbank, Uzmilliybank, Xalq Bank, Business Development Bank, Turonbank, and Agrobank. Each bank owns a 14.28% stake in the company.
Purpose of the fund
Azizbek Kurbonov, announcing his new position on his LinkedIn page, explained the fund’s main goals as follows:
Investing in local startups;
Raising strategic financing;
Developing the startup ecosystem through incubation and acceleration programs.
Kurbonov said that he would provide more detailed information about the fund’s plans in the coming weeks and invite acceleration program organizers to cooperate.
Initiatives to develop the venture ecosystem
In December 2024, IT Park also launched a $10 million venture fund — **IT Park Ventures**. This fund aims to invest in artificial intelligence, fintech, green technologies, and game development.
Earlier, at a meeting chaired by the President of Uzbekistan Shavkat Mirziyoyev, state banks were instructed to allocate a total of $50 million to open one venture company each and develop local startups. At the same time, the need to establish accelerators that will turn startups into businesses was also emphasized. The newly established United Ventures is a practical expression of these initiatives and is expected to contribute to the development of Uzbekistan’s innovative startup ecosystem.
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