RISE Research: Uzbekistan’s venture market increased by over 11 times in three years
Analytical agency RISE Research released a study on the Central Asian venture market for 2025. The presentation took place in Tashkent during the 5th Central Eurasian Venture Forum, which gathered around 800 participants – investors, entrepreneurs, top executives, and fund representatives from the region and beyond.
According to the study, the volume of Uzbekistan’s venture market in 2025 reached $99.3 million, including Uzum’s mega-round of $65.5 million. Excluding this deal, the figure amounted to $33.8 million – 11.3 times higher than in 2022, when the market volume was estimated at $3 million.
“Nearly one in five startups in Central Asia attracts venture funding. This level is comparable to leading global ecosystems. However, the density of funded companies remains low – about 4.6 per 1 million people – which limits the ecosystem’s growth potential”, noted Ainur Zhanturina, CEO of RISE Research.
By sector, e-commerce and marketplaces dominate, accounting for 40% of the capital raised – mainly due to large deals. They are followed by fintech (13%) and enterprise software (12%). Meanwhile, the enterprise software segment leads in deal volume (24%), indicating strong early-stage activity in the B2B sector.
Uzbekistan’s investment environment primarily focuses on early-stage funding. Therefore, 83% of all deals are up to $200,000, while deals in the $200,000 – $500,000 range account for only 11%. Most of the funding in 2025 was focused on the Pre-seed and Seed stages, laying the foundation for more mature startups to emerge in the future.
Local investors play a crucial role in market growth, accounting for 85% of venture capital. International investments are primarily made through well-established foreign funds.
“In 2025, the venture market in Central Asia showed signs of growth: the number of startups increased, local investors became more active, and international fund interest strengthened. The development of accelerators, educational programs, and local funds creates a foundation for sustainable growth and the emergence of technology companies with regional and global potential”, emphasized Dilshod Khashimov, CEO of UzVC.
Significant changes also happened in the structure of funds: in 2025, seven new venture players entered the Uzbekistan market – Yoshlar Ventures, X-Togo, United Ventures, SQB Ventures, Imkon Ventures, Sarmo Ventures, and Asaka Pharm Ventures. The expansion of the investor landscape – from banking institutions to independent funds – shows the formation of a broader base of local capital.
Aziza Alimova, UzA
