Uzbekistan to launch $10 million venture fund to boost startup ecosystem

As it was previously reported, Shavkat Mirziyoyev reviewed the project for the development strategy of artificial intelligence until 2030. New technologies will be applied in agriculture and healthcare.

In 2023, the volume of venture investments attracted by startup projects amounted to $133.5 million. Of this amount, only $5 million came from local venture funds, with the remaining part coming from international sources.

The President emphasized the need to create conditions for venture investments to finance startups and instructed the development of startup ecosystems and the implementation of venture financing mechanisms.

First Deputy Minister of Digital Technologies Olimjon Umarov, in an interview with Uzbekistan 24 TV channel, stated that there are currently over 400 startups operating in Uzbekistan, 10% of which have attracted foreign investments.

According to the two-year startup development program, a venture fund with a capital of $10 million is planned to be launched in September.

Next year, the plan includes attracting foreign accelerators and incubators, creating a unified electronic platform for startups, improving the legislative framework, and enhancing positions in international rankings.

Additionally, the presentation by the First Deputy Head of the Ministry of Digital Technologies noted that since the beginning of 2024, Uzum has attracted $116 million in investments, making it the first technology "unicorn" in the republic.