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

Cəmil Hüseynzadə
14 August 2024 14:30
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Uzbekistan to launch $10 million venture fund to boost startup ecosystem

The Ministry of Digital Technologies will create a single electronic platform for startups. Last year, the volume of venture investments amounted to 134 million dollars.

As mentioned earlier, Shavkat Mirziyoyev reviewed the project of artificial intelligence development strategy until 2030. New technologies will be applied in the fields of agriculture and healthcare.

In 2023, venture investments attracted by start-up projects amounted to 133.5 million dollars. Only $5 million of this amount came from local funds, and the rest came from international sources.

The President emphasized the importance of creating conditions for venture investments to finance start-ups.

First Deputy Minister of Digital Technologies Olimjon Umarov stated that more than 400 start-ups operate in Uzbekistan and 10% of them attract foreign investments.

According to the two-year startup development program, it is planned to create a venture fund with a capital of 10 million dollars in September. Next year, it is planned to attract foreign accelerators and incubators, create a single electronic platform and improve the legislative framework.

Since the beginning of 2024, Uzum has attracted 116 million dollars in investment and has become the first technology "unicorn" of the country.

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