The Uzbekistan venture market has demonstrated vertical growth in recent years, evolving into a regional technological hub. The total ecosystem valuation is estimated at $3.9 billion. Investment inflow surged from $6.3 million in 2023 to $329 million by 2025. Correspondingly, the number of deals increased from 34 to 140, indicating a rise in both capital volume and operational activity.
Technological diversification is currently underway in the market:
Artificial Intelligence (AI): The absolute leader with a 24.4% market share.
E-Commerce: Ranked second with a 12.5% share.
SaaS: Holds an 11.7% share.
The number of startups in the ecosystem is growing rapidly and is expected to reach 750 by the end of 2025. It is important to note that the market is still in its early-stage formation: 92% of deals fall into the Seed (61%) and Pre-Seed (31%) stages.
A distinctive feature of the Uzbekistan venture market is the high proportion of international capital. While 89.18% of total investments ($293 million) were contributed by foreign investors, the local capital share stands at $35 million (10.82%).
To date, AloqaVentures has completed a total of 5 successful exits. Additionally, Startup Garage sold a portion of its stake in the Bito project. This agreement was recorded as a partial exit, a rare but strategically significant event for the regional startup ecosystem.
International giants such as Tencent and Halyk, as well as local funds like AloqaVentures and IT Park Ventures, are actively participating as market drivers. Out of a total of 140 deals, 127 were accounted for specifically by venture capital funds.
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