In the venture capital market, capital allocation always speaks louder than official statements. Data analyzed in partnership between Pivot and Stanbase confirms that a fundamental shift has occurred in the Uzbekistan tech market. While the fund invested a total of $4.1 million over the past three years (2022–2025), in 2025 alone, this figure reached $5.25 million. This sharp increase signifies not merely an expansion of the budget, but a change in the fund’s mandate from awakening the ecosystem to financing aggressive growth.
From 2022 to 2025, AloqaVentures maintained a highly cautious, risk-averse policy, meaning that during this period, the fund preferred to give money only to startups that were standing firm, had proven themselves in the market, carried minimal risk, and were already operational. Small checks were not a sign of distrust, but rather a precautionary measure aimed at capital preservation.
By 2025, however, the rules of the game changed. The investment check range widened from $10,000 to $1,000,000. The expansion of the investment spread indicates that the fund’s risk appetite has increased. A record $1 million investment in an undisclosed startup, as well as major deals like Smartup ($500k) and Startup Garage ($500k), demonstrates that the fund has begun not only cautious maneuvers but also strategic plays requiring significant risk-taking.
Another important, yet largely unknown piece of news regarding the fund’s activity is its profitability metric. Within this short period, AloqaVentures managed to “Exit” (sell its stake) from 5 startups in its portfolio. We cannot disclose the exact amounts and “X” multipliers of these deals, but the fact itself sends a serious signal to the market: the fund is not only deploying capital but has also started executing exits.
Another significant change in the portfolio structure is the shift from consumer-oriented (B2C) applications to complex B2B solutions. The dominance of projects like Smartup, Datatruck ($300k), and Verifix ($250k) in the 2025 list indicates that investor sentiment has become more pragmatic. They are now focusing not on rapid user base growth, but on stable cash flow, unit economics, and export potential.
By increasing its investment velocity in 2025, AloqaVentures sent a clear signal to the market: the local ecosystem has emerged from its “infancy.” The fund has transformed from being merely a cautious player supporting local actors into a “Smart Money” institution with global ambitions, ready to take risks.
In partnership with Pivot and Stanbase, we will continue to cover the portfolio of each fund
