Venture Capital as an engine of Digital Transformation in Central Eurasia: Results of the key session of TIEF-2025

Within the framework of the Tashkent International Investment Forum, a session on "Accelerating innovation: the role of venture capital in the digital transformation of Central Eurasia" was held, where current trends in the development of the startup ecosystem, artificial intelligence technologies and cross-border investment initiatives were presented.

The meeting was moderated by Sardor Mukhammadaliyev, founder of Biz Network. Among the participants of the session are key figures of regional and international venture capital, including::

• Robin Butler, Partner at Sturgeon Capital
• Alisher Zhumanov, Founder and Managing Partner of AD Wealth
• Tugra Musayeva, Director of Innovation at Pasha Holding
• Bakht Niyazov, co-founder of Most Holding
• Davron Parmanov, Managing Partner of AloqaVentures

Market growth and ecosystem institutionalization

startup movements in Central Asia. Over the past five years, the region has seen an increase in the number of entrepreneurial initiatives, acceleration programs, and infrastructure platforms. Examples include Astana Hub (Kazakhstan), IT Park (Uzbekistan), High Technology Park, and Accelerator Prosperity (Kyrgyzstan).

According to the speakers, the total volume of venture capital investments in the region reached $95 million in 2024, which is 7% higher than a year earlier. This growth is accompanied by qualitative changes: support for early-stage projects is being strengthened, regional and international funds are being activated, and new channels for entering global markets are being formed.

Regional startups and global ambitions

Managing Partner of AloqaVentures Davron Parmanov noted that their Startup Garage project expands the geography of their presence and already operates in Saudi Arabia, Morocco and Qatar. As part of the Silk Road initiative, a new U.S. branch will open next month, aiming to integrate Central Asian talent into global technology chains.
Sturgeon Capital partner Robin Butler, assessing the investment climate in Uzbekistan, highlighted the shift in the perception of technology:
"When I came to Uzbekistan in 2018, technology was mostly associated with hardware. Today, thanks to such structures as IT Park and funds like AloqaVentures, the region is demonstrating a steady transition to digital entrepreneurship and product innovation."

Venture capital as a catalyst for AI and cross-border cooperation

The key focus of the session was the role of venture capital as a catalyst for technological growth. Participants discussed strategies to attract angel investors, support for scalable solutions in the field of artificial intelligence, and commercialization of research through regional venture funds.

Special attention was paid to cross-border cooperation and creating conditions for local startups to enter international markets. Among the mechanisms discussed are bilateral investment platforms, joint acceleration programs, and technology transfer involving global corporations.

The panel discussion was an important indicator of the maturity of the Central Eurasian venture ecosystem and demonstrated that the region is on the threshold of the next wave of growth focused on technology export, investment attractiveness and integration into the global digital economy.