RISE Research and KPMG, in collaboration with partners, conducted a large-scale study of the venture market in Central Asia for 2024. The report covers over 200 startups and includes expert opinions from 40 industry leaders.
According to the data received, the venture market in Central Asia continues to grow. The total amount of venture deals in the region in 2024 reached $95 million, which is 7% more than in 2023.
The venture market of Uzbekistan demonstrated almost threefold growth, reaching a volume of $17.5 million in 2024 with 38 concluded deals. This growth is attributed to increased activity from both public and private funds, as well as a significant rise in angel investments. Angel investor clubs are being established in the country, and there is a growing willingness among investors to consider not only traditional investments but also startup funding.
Over the past four years, numerous new venture funds have emerged in Uzbekistan, reflecting growing interest in the country's startup ecosystem. From January to March 2025 alone, five new funds were launched, further enhancing capital accessibility for startups.
The venture market in Uzbekistan continues to strengthen, with the emergence of new funds and an increase in deals within key technology sectors indicating the formation of a robust investment infrastructure. This opens new opportunities for startups and facilitates the country's integration into the global venture ecosystem.
You can access the full results of the study by registering via the link or scanning the QR code below.
Should you have any further questions, please do not hesitate to contact us.
Yerke Assemova
Associate Director Advisory, Strategy and operation
yassemova@kpmg.co.uz
Mob.: +7 (701) 088 17 71
Mob.: +998 (90) 091 08 88
