Central Asia Venture Market Hits US$320M in 2025

Tashkent, Uzbekistan (UzDaily.com) — Central Asia’s venture capital market reached a record US$320 million in 2025, according to the third annual report “Startups and Venture Capital in Central Asia 2026” by RISE Research, presented at the fifth Central Eurasian Venture Forum (CEVF 2026) in Tashkent. The study surveyed over 200 startups and more than 40 venture investors and market experts.

Two mega-deals accounted for a significant portion of the total: Kazakhstan’s Higgsfield raised US$130 million in its Series A round, while Uzbekistan’s Uzum attracted US$65.5 million. Together, they contributed 61 percent of the overall market volume. Excluding these transactions, the adjusted market size reached US$124.5 million, up 31 percent from US$95 million the previous year, signaling steady organic growth in the regional ecosystem.

“The emergence of the first regional unicorn, Higgsfield, alongside Uzum’s record round, is a powerful signal recognizing Central Asia’s potential on the global stage,” said Ainur Zhanturina, founder of RISE Research. She also highlighted the high conversion efficiency from ideas to funded projects: over the past three years, 18.5 percent of 2,000 reviewed startups secured investment, comparable to leading European hubs.

Despite this progress, overall startup density remains low, with only 4.6 funded startups per million residents, indicating a need to expand the project pipeline.

By country, Kazakhstan led in dynamism: venture investments nearly tripled to US$209 million, with a total startup valuation exceeding US$2.16 billion. AI startups were key drivers, capturing nearly half of all funding in the country.

Uzbekistan also showed impressive growth: venture funding rose to US$33.8 million, an 11.3-fold increase from 2022. Including the Uzum mega-round, the total market is estimated at US$99.3 million. Most deals continue to focus on pre-seed and seed stages, with 85 percent of investments coming from local funds and state structures. Notably, seven new venture funds were launched in Uzbekistan in 2025, reflecting a growing institutional base and increased local capital.

The report was presented at CEVF 2026, which gathered approximately 800 participants, including investors, entrepreneurs, and venture capital representatives from the region. The forum was organized by MOST Holding and IT Park Uzbekistan with the support of the Ministry of Digital Technologies of Uzbekistan.