The first private venture funds — DOMiNO Ventures, Imkon Ventures, and Sarmo Ventures — have begun active investments in Uzbek technology startups, with strategic support from UzVC.
This marks a significant milestone in the evolution of Uzbekistan’s venture capital ecosystem, where public and private capital are now working hand in hand to accelerate innovation.
A new stage for Uzbekistan’s Venture market
UzVC, founded in 2020 to support innovative projects, was restructured in 2024 into a fund of funds.
Its new mission focuses on enabling private venture firms rather than directly investing.
This structure multiplies the impact of public funds by attracting private capital and management expertise, fostering a sustainable and competitive venture ecosystem.
The first movers: DOMiNO, Imkon, and Sarmo Ventures
DOMiNO Ventures
A $20 million European venture fund led by Mustafa Kopuk and Yagiz Karadeniz.
DOMiNO plans to make its first investments by the end of this year and to launch the BetterFuture Accelerator, which will focus on supporting early-stage technology startups.
Imkon Ventures
One of the first local private venture funds with a total size of $5 million.
Its early portfolio includes:
- Karmon AI – a personal finance app supported by HUMO and Uzcard, now active in more than 177 countries.
- AI SEO – an automation platform for digital marketing powered by artificial intelligence.
Sarmo Ventures
A venture fund investing up to $50,000 per startup, primarily focused on EdTech and AI.
Founded by Abdul Sharopov, who has over 30 investment deals and manages an $8 million fund, Sarmo Ventures supports a new generation of startups, including:
- PraaktisGo – an AI system for fitness centers.
- TopCoach – a platform that prepares students for leading universities such as Duke, NYU, and Harvard.
- Kotib Legal (LexAI) – a legaltech startup developing an AI-based contract management system in partnership with Uzbekistan’s Ministry of Justice.
Building trust through partnership
According to UzVC, the collaboration between state initiatives and private management has created new momentum and trust in the market. This model encourages cooperation, transparency, and scalable growth, positioning Uzbekistan as one of the emerging venture and innovation hubs of Central Asia.
Contacts
UzVC: uzvc.uz | info@uzvc.uz | +998 95 500 09 19
DOMiNO Ventures: dominovc.com
Sarmo Ventures: sarmo.vc
Imkon Ventures: imkon.ventures
