Uzbekistan ranks top 5 globally in startup growth Q1 2026

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s startup ecosystem has reached a valuation of US$4.3 billion, while venture capital funding surged nearly 40 times year-on-year in the first quarter of 2026. The country ranked fourth globally in five-year ecosystem value growth, ahead of Qatar, New Zealand, and Bahrain, according to StartupBase, citing Dealroom.co’s Quarterly Investment Report: Uzbekistan Q1 2026.

The venture market in Uzbekistan is experiencing a sharp expansion. Data from Dealroom.co shows that the total value of the country’s startup ecosystem reached US$4.30 billion at the end of Q1 2026, marking a 28.2% increase from the previous level of US$3.9 billion.

Over the past five years, the ecosystem has grown 7.89 times, placing Uzbekistan fourth globally by this indicator, behind French Guiana, Saint Vincent and the Grenadines, and Liechtenstein.

Total venture funding since the beginning of 2026 amounted to US$132.6 million, representing a year-on-year increase of 3,916.7%. This sharp rise was driven primarily by two major transactions involving fintech company Uzum, which raised US$81.5 million in a late-stage venture round and an additional US$50.0 million through convertible instruments, accounting for the majority of quarterly funding. The third-largest deal was OX Group, which secured US$900,000 in early-stage venture financing. The top five was completed by edtech startups Learnify, which raised US$100,000 in angel investment, and EduBaza, which attracted US$50,000 at the seed stage.

By sector, enterprise software led with US$132.4 million in total funding, closely followed by fintech at US$131.5 million. The minimal gap between the two categories is largely explained by Uzum’s hybrid positioning across both verticals. Marketing technology attracted US$900,000, while the education sector received US$150,000. Within sectoral breakdowns, BNPL services, credit cards, personal finance, marketplaces, e-commerce, and payment solutions dominated, each reflecting strong investor interest.

By funding stage, breakout rounds between US$15 million and US$100 million recorded a historic quarterly peak of around US$130 million, the highest level since 2021. Early-stage funding below US$15 million also reached a record quarterly high of more than US$12 million. However, no scaleup-stage deals above US$100 million were recorded during the quarter.

Dealroom.co describes Uzbekistan as an emerging technology hub in Central Asia, characterized by low operating costs and significant government tax incentives. The ecosystem is primarily focused on fintech, e-commerce, and edtech. Investment trends from 2021 to 2026 show a consistent upward trajectory, with acceleration beginning in 2024 and reaching a peak in the first quarter of 2026.

A 7.89-fold increase in ecosystem value over five years places Uzbekistan among niche global financial hubs and ranks it first in Central Asia by this metric, ahead of Qatar, New Zealand, and Bahrain.