Central Asia’s venture capital market reached a valuation of around US$320 million (€295mn) in 2025, according to the “Startups and Venture Capital in Central Asia 2026” report by RISE Research, based on a survey of more than 200 startups and over 40 investors and market experts.
The findings were discussed at the Central Eurasia Venture Forum (CEVF) 2026 in Tashkent, which brought together around 800 participants, including investors, venture funds and technology companies from Central Asia, Europe, the United States, Southeast Asia and MENA countries.
Over five editions, the forum has gathered more than 5,000 participants from 50 countries and has been linked to deals worth more than $34 million (€31mn).
According to Charlie Morris, economic development counsellor for Central Asia, the event reflects broader changes in the region’s economic structure.
“It’s a great sign for private sector-led economic growth in Central Asia, which we know is crucial for the future of the region,” he said.
Uzbekistan and Kazakhstan: investment data and market structure
Data presented at the forum indicate increasing investment activity in both Uzbekistan and Kazakhstan.
In Uzbekistan, foreign investment reached $8.3 billion (€7.6bn) in the first two months of 2026, with a target of $53 billion (€48.7bn) for the full year.
The startup and venture ecosystem was valued at $3.9 billion (€3.6bn) in 2024–2025.
More than 750 startups are active, alongside 15 venture funds with total capital exceeding $180 million (€165mn).
Government plans include expanding the number of startups to 5,000 by 2030, supporting 200 companies to enter international markets and increasing venture investment volumes to $2 billion (€1.8bn).
“We are seeing more and more investors not only from the UK, but also from Europe, US, and Southeast Asia coming into Central Asia. These partnerships and links with the rest of the world are essential for the region’s success,” Morris told Euronews.
In Kazakhstan, venture investment reached US$209 million (€192mn), while total startup valuation exceeded US$2.16 billion (€2bn), according to data referenced during the forum.
Artificial intelligence accounted for a large share of this activity between 2023 and 2025, according toy the Ministry of AI and Digital Development.
Venture funding for AI increased from around $14 million (€13mn) to $73 million (€67mn), representing more than half of total venture investment in the country.
Most AI startups focus on applied business solutions across sectors such as enterprise software, industrial automation, marketing, education and healthcare.
During the forum, the European Bank for Reconstruction and Development (EBRD) announced 13 finalists for the first Central Asian cohort of its Star Venture programme.
Seven of the selected companies are from Uzbekistan: Hyper App, IMAN, OSNOVA, Robosell, Tezbor, UYSOT and Verifix.
Policy frameworks and ecosystem development
Authorities in Uzbekistan are introducing a four-stage support system covering idea development, product creation, market entry and scaling.
The framework includes grants, tax incentives, co-financing mechanisms and export support.
Evgeny Frolov, CEO and founder of Red Team Accelerator, said regulatory measures and state initiatives have influenced the pace of development.
He explained that the initiative dates back to a presidential decree issued in late November 2024, calling for the development of a startup ecosystem.
"Many new funds have emerged, and it is clear that both the ecosystem and the country are ready for this movement and ambition," Frolov continued, adding that new regulations introduced this year had helped drive the ecosystem forward.
Regional investment activity and partnerships
Investment activity increasingly involves cross-border cooperation within Central Asia.
Arman Bataev, founder of GWM Capital in Kazakhstan, said his company is working with partners at the Astana International Financial Centre to structure transactions and support market entry.
Bataev, who said it was his first time at the forum, noted that events like it had helped him establish valuable connections.
His firm works with one of the largest consulting companies at the Astana International Financial Centre, helping clients obtain licences, structure transactions and issue securities on Kazakhstan's stock exchanges.
He added that regional projects are increasingly looking beyond their own borders for investment.
"Now, many projects from Kazakhstan and across the region are actively looking at local funds in Uzbekistan," he said, noting that IT Park Ventures had around 70–80 projects in its portfolio last year.
Madina Zakirova, co-founder of Hackonnect, said the role of private capital is expanding — with traditional businesses increasingly entering the startup ecosystem.
"Last year CS Angels Club closed the year with $300,000 (€275,000) in investments," she said. "Previously, funding mainly came from the state or banks, so this is a great sign."
