On December 5 in Tashkent, during the Central Asia Venture Conference, Qazaqstan Venture Group (QVG) signed its first deal as a fund of funds. The Tech exclusively reports that Qazaqstan Venture Group, together with UzVC, invested in Big Sky Capital, a venture firm currently raising its second fund with a target size of $50 million.
The deal marks an important step toward the creation of a unified venture capital market in Central Asia. It opens new opportunities for regional startups and signals the emergence of new funds ready to support companies at the Series A and B stages. The transaction also draws increased attention from international investors to the region.
According to Askar Bilisbekov, Managing Partner at Qazaqstan Venture Group, this agreement goes beyond a standard investment and represents a strategic milestone in the development of the regional venture ecosystem.
Askar Bilisbekov, Managing Partner, Qazaqstan Venture Group:
“Today is an important moment for us — we completed our first deal as Qazaqstan Venture Group, a fund of funds. Together with UzVC, we are investing in Big Sky Capital, with our investment totaling $10 million. This signing is significant for the entire region. Instead of viewing Uzbekistan and Kazakhstan separately, we need to build a single Central Asian market — that is what will truly attract global investors.”
UzVC CEO Dilshod Khashimov emphasized that this investment represents the company’s second overseas venture fund focused on Central Asia.
Dilshod Khashimov, CEO of UzVC:
“We have signed an agreement with Big Sky Capital — this is our second international venture fund focused on Central Asia. Our investment amounts to $2 million. This creates major opportunities for our youth and startups.”
Big Sky Capital has officially launched the registration process for its second fund in Uzbekistan. The fund’s portfolio already includes three Uzbek startups, and five companies have opened offices in the country. Big Sky Capital is actively developing co-investment partnerships with key market players, including UzVC, Aloqa Ventures, Uzcard Ventures, and SQB Ventures.
Adil Nurgozhin, Managing Partner, Big Sky Capital:
“We are already building our deal pipeline and assembling a team in Uzbekistan. 2026 will be an exciting year. We have big plans and strong expectations.”
The deal between Qazaqstan Venture Group, UzVC, and Big Sky Capital has become one of the most significant developments of the year for Central Asia. For the first time, institutional investors from two countries have joined forces to create a shared venture capital space — establishing a new regional hub for international capital, technology companies, and startups.
