In the first half of 2026, Uzbekistan accounted for 76% of venture deals across the CIS, excluding Russia. The country recorded 44 deals out of 58 across the region. During the same period, the capital of Uzbekistan’s venture funds increased by another $30 million.
According to the Venture Eurasia H1 2026 report prepared by DSIGHT, B1, T-Bank and KAMA FLOW, 58 venture deals were recorded across CIS countries, excluding Russia, between January and June. Uzbekistan accounted for 44 deals, or 76% of the total. This figure does not represent 76% of total investment capital. Most of the activity was concentrated at the pre-seed and seed stages. According to the report, excluding large rounds such as Uzum’s, many early-stage investments ranged from $10,000 to $300,000.
Key investors by number of deals
Several local funds led venture activity in Uzbekistan during the first half of 2026:
| Fund | Number of deals |
|---|---|
| Yoshlar Ventures | 13 |
| Aloqa Ventures | 11 |
| IT Park Ventures | 10 |
| Imkon Ventures | 7 |
| United Ventures | 3 |
These five funds participated in all 44 deals recorded in Uzbekistan and accounted for the bulk of the country’s venture activity.
Another $30 million added to venture funds
During the first half of 2026, the capital of Uzbekistan’s venture funds increased by $30 million.
Yoshlar Ventures increased its fund size from $10 million to $20 million. The additional capital amounted to $10 million. The fund plans to increase its size to $30 million by 2027.
IT Park Ventures increased its fund capital from $10 million to $30 million. The additional $20 million will be directed toward investments in companies at the Seed and Series A stages. Under its new strategy, IT Park Ventures is also considering investments of up to $3 million per startup.
The market is moving beyond the pre-seed stage
Most early-stage investments in Uzbekistan are still relatively small. The median investment size at several local funds is:
- Aloqa Ventures — $20,000;
- Yoshlar Ventures — $30,000;
- IT Park Ventures — $50,000.
The increase in fund capital is expanding the ability to finance startups not only at the idea and early product stages, but also at the Seed and Series A stages. In 2026, Hayot Ventures also entered the market as a new pre-seed investor.
Many deals, but few exits
Another indicator in the Venture Eurasia report reflects the current stage of Uzbekistan’s venture market.
In the first half of 2026, a total of three M&A or exit deals were recorded across the CIS, excluding Russia. All three took place in Kazakhstan.
No exits were recorded in Uzbekistan during the reporting period. In venture investing, alongside the number of deals, exit mechanisms such as investors selling their stakes in companies or companies being acquired by larger businesses are also important indicators.
For now, Uzbekistan’s growth is primarily driven by new deals and early-stage capital. The next stage will depend on these startups reaching larger funding rounds and creating exit opportunities for investors.
What do the numbers show?
Key figures for the first half of 2026:
44 — venture deals in Uzbekistan
76% — Uzbekistan’s share of regional venture deals by number
$30 million — additional capital added to venture funds
$20 million — new size of the Yoshlar Ventures fund
$30 million — new size of the IT Park Ventures fund
3 — M&A and exit deals recorded across the region
0 — exits recorded in Uzbekistan
Based on these figures, Uzbekistan’s venture market is currently expanding rapidly in terms of deal volume and early-stage investment. The growth of venture funds is also increasing the availability of capital for companies at later stages of development.
