New $5M venture fund launched to boost startups across Uzbekistan

Imkon Ventures is co-founded by Qatar-based venture capitalist Tohir Mirzajonov and Startup Garage founder Mukhammad Khalil. It seeks to strengthen Uzbekistan’s startup ecosystem by providing capital and strategic support to emerging entrepreneurs. The fund was officially announced during the Asian Development Bank’s SME Conference, drawing the attention of regional investors and financial institutions.

UzVC, state-backed fund of funds, has been named as the anchor investor – sending a strong institutional signal to the market and helping pull in other backers.

Individual investments are expected to range between $50,000 and $150,000, with additional follow-on capital allocated to high-performing companies. Beyond financial backing, Imkon Ventures aims to act as a bridge between Central Asia and the Middle East and North Africa (MENA) regions, helping local startups scale regionally and access new markets.

“Uzbekistan’s growth and potential are finally gaining the global recognition they deserve. I believe now is the time to invest in our ambitious, young population. Having spent over a decade in the MENA region, I see powerful synergies between these markets and Imkon Ventures is our bridge between them.” said Tohir Mirzajonov.

“Uzbek entrepreneurs are ready to go big,” said Mukhammad Khalil, General Partner at Imkon Ventures. “From the early days of my journey in edtech to launching multiple startups through Startup Garage, I’ve witnessed first-hand the talent and ambition in this country. Every day brings new ideas with even greater potential. Now, it’s time to take these ventures global and bring international investment to our founders and Uzbekistan.”

The initiative is projected to create over 1,000 skilled jobs in Uzbekistan by 2030, with long-term goals that include building globally competitive startups and increasing the country’s contribution to regional innovation.