Tashkent, Uzbekistan (UzDaily.uz) — IT Park Ventures, South Korea’s SparkLabs Group Management and Mirae Asset Venture Investment have signed a Term Sheet to establish the international venture fund SparkLabs Mirae Silk Road Fund I LP.
The document was signed on 15 September in Seoul during Uzbek President Shavkat Mirziyoyev’s visit to South Korea.
In the presence of Deputy Minister of Digital Technologies of Uzbekistan Jamol Tilloevich Makhsudov, the sides also signed a Memorandum of Understanding (MoU) and a Term Sheet.
Under the preliminary terms, the joint fund’s initial capital will amount to US$2 million, with the possibility of increasing it to US$10 million. The investment strategy will focus on mature startups at Series A and later stages.
IT Park Ventures is considering participating in the fund as an anchor limited partner (anchor LP).
Participation is expected to take place in stages following the completion of the necessary legal and regulatory procedures and receipt of the relevant corporate approvals.
The fund is planned to focus on Central Asia and Uzbekistan. The parties intend to jointly identify and assess promising technology companies linked to the region, support their expansion into international markets, promote cross-border cooperation and facilitate their integration into the global investment ecosystem.
As part of the cooperation, a SparkLabs office is also planned to be opened at IT Park in Tashkent. It will support the fund’s activities in Central Asia, help identify promising projects and develop cooperation with IT Park Ventures.
SparkLabs is a South Korean platform specializing in startup acceleration, venture investment and international scaling.
The company operates through a network of mentors, investors and corporate partners. Its partners include Google for Startups, Samsung, Mercedes-Benz Korea, KAIST and KISED. Its geographical presence covers South Korea, Australia, Taipei, Saudi Arabia and the United States.
Mirae Asset Financial Group was established in South Korea in 1997.
The group operates in asset management, investment banking, venture investment and global financial services. Its operations are conducted through 67 international offices in 21 countries and regions, with assets under management of about US$.
