Uzbekistan’s Startup Market: Growth, Capital and Institutional Formation

The development of innovative technologies and a competitive IT sector is inseparable from a strong startup and venture capital ecosystem. Over the past several years, Uzbekistan has implemented administrative and legal reforms aimed at creating a favorable environment for digital entrepreneurship. Initial regulatory reforms have developed into a broader, institutional framework designed to support long-term ecosystem growth. The objective is no longer only to enable tech businesses, but to build an ecosystem designed to scale them.

The Ecosystem at a Glance

 According to Dealroom, Uzbekistan’s startup ecosystem reached a valuation of $4 billion in 2025, marking nearly 13-fold growth since 2020. Employment within startups has nearly doubled in three years — rising from approximately 3,500 people in 2023 to more than 6,500 by early 2026.

The number of active venture funds operating in the market has grown from 4 in 2021 to 15 today, indicating broader institutional participation. International investors, including Plug and Play and Sturgeon Capital, have entered the market, backing local startups and introducing external validation.

Since entering the market in 2022, Uzum, a member of IT Park Uzbekistan, has emerged as one of the country’s most ambitious technology ventures, constructing a multi-service digital ecosystem integrating e-commerce, fintech and consumer services. By 2024, it became Uzbekistan’s first unicorn after raising $52 million at a $1.2 billion valuation. In 2025, its valuation increased to $1.5 billion following a $95 million investment round led by Tencent, alongside FinSight Ventures and VR Capital Group.

Another indicator of ecosystem development emerged in 2025, when retail-technology startup Billz completed a $12 million transaction with TBC Bank, transferring a controlling stake. The transaction signals the growth of a more developed venture ecosystem — one where startups are able to secure early-stage funding, expand their operations and ultimately deliver exit opportunities for investors.

IT Park Uzbekistan: Regulatory Infrastructure for Innovation

A central pillar of the ecosystem is IT Park Uzbekistan, a specialized regulatory zone designed to stimulate technology-driven businesses. IT Park Uzbekistan provides a structured legal and fiscal framework tailored for digital companies. Members of IT Park Uzbekistan benefit from a simplified tax regime of 0% corporate income tax ,0% property and social tax ,0% VAT (export-oriented activities) and 7.5% personal income tax.

While fiscal incentives play a role, the defining factor is the structured support surrounding startup founders.  IT Park Uzbekistan supports startup development through two core mechanisms: IT Park Ventures and StartupBase.

Established in 2024 under Presidential Resolution RP-357, IT Park Ventures manages a $10 million investment vehicle dedicated to early-stage startup financing. Its model is designed to attract international capital: startups that secure investment from venture funds managing more than $50 million can receive matching co-investment of $100,000  from IT Park Ventures . One illustrative case is TASS Vision, an AI-driven retail analytics company that closed a €1.3 million funding round in 2025. As part of that round, IT Park Ventures participated with a $100,000 co-investment under the 1+1 mechanism.

 StartupBase  is a centralized platform that connects founders with programs, investors and educational initiatives. More than 1,500 startups are registered in the system, half of them are international. Collectively, ecosystem startups have raised more than $300 million. The platform provides access to mentorship programs, pitch sessions and grant opportunities, allowing  to move from idea validation to investor engagement within a single coordinated system. At a structural level, the StartupBase platform provides standardized company profiles, organized program tracks and clearer points of investor engagement. That will ultimately lead to a gradual shift toward a more connected and transparent environment in which founders and investors can interact with greater predictability.

Comprehensive State Startup Support

In November 2025, Presidential Resolution RP-359 , “On Measures for Further Development of the Financial Technology Sector in Uzbekistan,” set ambitious national targets through 2030.

Resolution aims to expand the fintech sector to 200 companies, train 5,000 specialists and accelerate 100 startups. Besides that, a  $50 million venture fund has been established under the Central Bank to support early-stage companies. An innovation hub now operates within the Central Bank, offering acceleration programs, support in raising venture capital and grants. The hub also reimburses up to 50 percent of certification costs and mentorship expenses for fintech startups — lowering early-stage risk and increasing founder readiness.

On February 11 , the President of the Republic of Uzbekistan signed Resolution No. RP–59 “On the Introduction of a Comprehensive Startup Support Ecosystem,” establishing a structured framework that guides startups from idea validation to international expansion.

The strategy sets ambitious targets for 2030: around 5,000 active startups, at least $2 billion in venture capital attracted, 500 companies valued above $1 million, 100 above $10 million, and at least 25 exceeding $100 million, alongside the creation of more than 20,000 jobs and 400 export-oriented projects.

The program is built around four stages — idea formation, product development, market launch and scaling — each supported by dedicated financial and institutional instruments. Product development will be supported through new R&D centers, MVP vouchers covering up to 50% of development costs (up to $50,000), and university-based incubators with investment rights.

Shaping the Next Technology Landscape

Uzbekistan is building entire sectors from the ground up — from FinTech and EdTech to AgriTech, AI-enabled services and logistics technology. For investors, the appeal lies in timing. The ecosystem combines high growth velocity with early-stage valuations and increasing institutional support.

As regional influence expands, so does the opportunity to participate before market saturation sets in. Uzbekistan’s startup ecosystem is moving beyond its formative phase and into structured scaling. For founders and investors alike, it offers the chance not only to invest in growth, but to help shape it.