A comprehensive report enhanced with key market insights and investment data
According to a report by Pivot.uz based on open-source data, 10 venture capital funds invested a total of $148.6 million into 24 startups during the first quarter (January–March) of 2026. Out of these 24 deals, 16 involved local startups, while the remainder focused on startups expanding into international markets.
A staggering $131.5 million of the total investment is attributed to Uzum’s Series A round. International investors—VR Capital, Tencent, and FinSight—poured capital into Uzbekistan’s largest e-commerce platform. Excluding Uzum, the remaining 23 startups raised a combined total of $17.1 million, with an average ticket size of $743,000.
Datatruck: from local backing to an international round
One of the quarter’s standout deals is Datatruck. A FreightTech SaaS platform operating in the US market, Datatruck utilizes AI to automate and optimize financial and operational processes within the logistics sector.
AloqaVentures initially invested in Datatruck in February 2025. This early-stage bet paid off significantly; in January 2026, Datatruck successfully closed a $12 million Series A round featuring both American and local investors.
In Q1 2026, AloqaVentures and IT Park Ventures followed up with co-investments of $485,000 and $750,000, respectively. This demonstrates the practical success of the co-investment model in Uzbekistan, where local funds continue to support their portfolio companies in subsequent funding rounds.
In terms of capital volume, IT Park Ventures led the local landscape with $2,260,000 deployed across 5 deals. Their portfolio is spearheaded by SaaS players Smartup ($1,000,000) and the Datatruck co-investment ($750,000). Additionally, the EdTech startup Edufuse joined their portfolio at the Pre-seed stage.
AloqaVentures emerged as the most active fund by deal count, completing 7 transactions. Notable deals include their follow-on in Datatruck ($485,000) and a $150,000 investment in the AI/ML startup Aino World.
Meanwhile, Imkon Ventures secured the second spot in activity with 6 deals. All their investments were at the Pre-seed stage, with an average ticket size of $34,167. The fund remains a key player at the ecosystem’s earliest stages, backing projects like Darstop, Asaxiy Invest, Karmon AI, Orif AI, Haysam School, and Rentzor.
With 7 deals, the Pre-seed stage leads in terms of volume. However, the total capital allocated to them is $355,000—the lowest across all stages. The Growth and Seed stages combined account for $3.26 million, while Series A reached $143.5 million, largely due to Uzum. The gap in the middle—rounds ranging from $500,000 to $5 million—remains largely unfilled.
Datatruck demonstrated how this gap can be bridged: a local fund entered at an early stage, the startup scaled, and international capital followed. While this is currently a single case rather than a broad trend, it serves as a significant signal for the market.
All information has been compiled from public sources. Source: Pivot.uz. Link to the full report
