Uzbekistan’s innovation ecosystem has reached a new milestone with the launch of its first international private venture capital fund. DOMiNO Ventures, a Netherlands-based global venture capital firm, together with UzVC, the country’s pioneering government-backed fund of funds, has announced the creation of the DOMiNO Uzbekistan Fund, targeting USD 20 million.
This landmark initiative positions Uzbekistan as a rising hub in global venture capital by opening access to private capital, global co-investors, and advanced technology transfer for Central Asian startups.
Driving Private investment into Central Asia
Unlike traditional state-backed financing initiatives, the DOMiNO Uzbekistan Fund is designed as a private VC vehicle, with a focus on AI, Deeptech, and Cleantech. The fund will provide both early and growth-stage founders with capital and, crucially, access to global markets, investors, and expertise.
Operating as a feeder fund to DOMiNO’s global platform in the Netherlands, the new fund bridges Uzbekistan’s fast-growing startup ecosystem with international venture networks. This structure is expected to accelerate the creation of high-growth companies capable of scaling beyond local borders.
Building on regional momentum
DOMiNO Ventures has been steadily expanding its presence in Central Asia. The firm has already invested in seven startups across the region and has organized the BetterFuture Acceleration Program four times, helping early-stage founders access global mentors and VC investors.
With the launch of the Uzbekistan fund, DOMiNO is signaling a deeper commitment: to continue building an ecosystem where startups are not only locally competitive but also ready to thrive in international markets.
Anchored by UzVC’s commitment
The fund is officially registered under IT Park Uzbekistan, the government-backed technology hub serving as the country’s gateway to global innovation ecosystems. To reinforce credibility and attract global co-investors, UzVC has stepped in as the anchor investor, half of the target fund size.
This partnership reflects a strategic shift: while UzVC provides foundational support, the fund is structured to operate as a truly private investment vehicle, channeling international venture capital into Uzbekistan and the broader Central Asian region.
Leaders’ perspectives
- Mustafa Kopuk, Managing Partner at DOMiNO Ventures:
“In Central Asia, DOMiNO has already become a trusted partner by building strong cultural and professional bonds. The DOMiNO Uzbekistan Fund will help accelerate the country’s ambition to become a regional innovation hub, enabling technology transfer, export revenues, and access to global markets for startups.” - Yagiz Karadeniz, Managing Partner at DOMiNO Ventures:
“We believe Central Asia is becoming one of the new stars of global emerging markets. With the DOMiNO Uzbekistan Fund, we aim to empower local founders — the true creators of the next generation of ‘Uzcorns’ that will put the region firmly on the global innovation map.” - Abdulakhad Kuchkarov, CEO of IT Park Uzbekistan:
“This launch is a strong signal that our ecosystem is ready for the next stage of growth. By partnering with DOMiNO Ventures, we are not only unlocking access to global investors and expertise, but also creating a pathway for local founders to scale internationally.” - Dilshod Khashimov, CEO of UzVC:
“By anchoring the DOMiNO Uzbekistan Fund, we are creating a bridge for private international capital and expertise to flow into Uzbekistan. This marks a historic milestone for our innovation journey and will help increase the number of high-quality startups that can compete globally.”
Toward the first generation of “Uzcorns”
The establishment of the DOMiNO Uzbekistan Fund is more than a financial milestone — it is a signal that Uzbekistan’s startup ecosystem is ready to embrace private venture capital at an international scale. By combining government support with private investment structures, the fund sets the stage for the country’s next generation of billion-dollar startups, or “Uzcorns.” In doing so, Uzbekistan and Central Asia are carving out a place on the global innovation map, with DOMiNO Ventures and UzVC at the forefront of this transformation.
Partnership
