When I first entered the world of business and investments, the concept of startups was hardly taken seriously in Uzbekistan. For most people, a technology venture simply meant a mobile application, while investors were generally perceived as individuals who provided capital to already established businesses.
Today, however, the landscape is rapidly evolving. Young people are discussing artificial intelligence, financial technologies, and sophisticated software solutions. Yet, it is important to acknowledge that we are still at the beginning of this journey, and the experience of building globally competitive technology companies is only starting to emerge.
My own journey began in Niyozbotir, a small village in the Asaka district of Andijan region. After attending a local rural school, my passion for mathematics and science led me to a specialized boarding school. The seven years I spent there—immersed in mathematics competitions and analytical thinking through chess—fundamentally shaped my worldview.
At the age of 16, after achieving strong results in English proficiency, I began exploring international education opportunities. I applied to more than 20 universities worldwide and received substantial scholarship offers from most of them. The defining moment came when I was awarded a full scholarship worth approximately $370,000 from Carnegie Mellon University. That opportunity ultimately took me to Qatar.
Following graduation, I entered the dynamic investment ecosystem of the Middle East. I worked at Qatar Islamic Bank and later with Doha Tech Angels. Together, we became part of a team managing four major investment funds with a combined capital base of $400 million. During this period, I was directly involved in more than 60 significant investment transactions and gained international experience working with investments exceeding $60 million.
Even while living and working in Qatar, I closely followed developments in Uzbekistan. Through LinkedIn, I regularly read updates from local startup founders, and later, platforms such as Pivot helped me stay informed about the country’s growing technology ecosystem.
At one point, a simple question emerged in my mind: why shouldn’t Uzbekistan produce world-class technology companies? The potential was clearly visible. Young people were increasingly interested in technology, and entrepreneurial talent was emerging. What was missing, however, was a professional venture capital ecosystem capable of helping startups scale internationally.
Eventually, my path crossed with Muhammad Khalil. I had known him long before Startup Garage was established, dating back to the early days of Mohirdev. When Startup Garage expanded into Qatar as part of its efforts to enter the MENA market, I closely observed its development for about a year. At that point, I possessed international investment experience, while Muhammad Khalil had built a strong network within the local startup community. The combination of these strengths ultimately led to the creation of Imkon Ventures.
Today, our fund’s primary objective is to invest $5 million across approximately 25–30 startups. We typically allocate between $50,000 and $150,000 per company. Many people ask why we do not commit larger amounts of capital to individual startups. The answer is simple: at the early stage, it is nearly impossible to accurately predict which startup will eventually become a major technology company. By diversifying our investments, we reduce overall portfolio risk while supporting a larger number of promising founders.
Our primary focus areas include fintech, artificial intelligence, B2B SaaS, and deep technology. We believe these sectors remain underdeveloped in Uzbekistan and present significant opportunities for innovation and growth.
One of the first institutions to place its trust in our vision was UzVC, Uzbekistan’s national venture fund, which joined us as an anchor investor. This partnership has provided valuable support and enabled us to establish new relationships through participation in nationally significant initiatives.
After meeting hundreds of founders, I have come to a clear conclusion: the biggest challenge in our market is not the lack of capital. The real challenge is the shortage of resilient founders who think globally and possess the determination required to build world-class companies.
The world’s most successful technology empires were not built solely on great products. They were built by individuals who identified critical problems before others and made difficult decisions with clarity and conviction. As a result, when evaluating startups, we often decline opportunities that have strong products but weak teams. For us, the intelligence, resilience, and decision-making capabilities of the founding team are far more important than the product itself.
The greatest risk after making an investment often lies in execution and leadership. That is why we do not simply provide capital and step aside. Through an active portfolio management approach, we work closely with founders and provide ongoing support. In the near future, we also plan to launch our own private accelerator program.
In early 2026, we took another step toward strengthening the ecosystem by launching Imkon VC’s crowdfunding platform. Through this initiative, we aim to bring not only institutional investors but also ordinary individuals into the venture capital market, fostering a culture of micro-investment across the country.
The growing confidence of international investors in Uzbekistan is also being supported by institutions such as IT Park Uzbekistan and Enterprise Uzbekistan. In particular, the implementation of legal mechanisms based on British common law provides foreign investors with stronger protections and greater confidence in the security of their capital.
We do not view Imkon Ventures as merely a local venture fund. Instead, we see ourselves as a strategic bridge connecting the startup ecosystems of the Middle East and Central Asia.
The MENA region has advanced significantly in startup development. While an early-stage startup in Uzbekistan may receive a valuation of only a few hundred thousand dollars, a company at a similar stage in the Middle East can often be valued at several million dollars. We view this gap—and the relationships that come with it—as a source of opportunity.
Our most ambitious goal is to help create Uzbekistan’s first unicorn by 2030—a technology company valued at more than $1 billion—and to witness its successful international exit. Today, this may seem like an extraordinarily ambitious objective. However, Uzbekistan’s startup ecosystem is currently at a pivotal moment of transformation, and we are ready to play our part in shaping that future.
