Startups in Uzbekistan are set to receive a boost following the launch of Imkon Ventures, a $5mn early-stage venture capital fund dedicated to supporting high-growth technology companies across the country.
The fund, co-founded by Qatar-based venture capitalist Tohir Mirzajonov and Mukhammad Khalil, founder of Uzbekistan’s leading venture studio Startup Garage, aims to back visionary founders and help create over 1,000 high-skilled jobs by 2030.
Imkon Ventures will focus on pre-seed and seed-stage investments in sectors such as fintech, artificial intelligence, B2B SaaS, and deep tech. Positioned as a strategic bridge between the MENA (Middle East and North Africa) and Central Asian regions, the fund intends to unlock regional scalability and foster cross-border growth for promising startups.
The launch of Imkon Ventures was announced at the Asian Development Bank’s SME Conference, attracting attention from global limited partners (LPs) and financial institutions.
Over the next two years, the fund plans to invest in 25 to 30 startups, with individual investments ranging from $50,000 to $150,000. Follow-on funding will be reserved for top-performing companies to support their further growth.
UzVC, Uzbekistan’s state-backed fund of funds, serves as the anchor investor for Imkon Ventures, signaling strong institutional confidence and helping to attract additional backers to the initiative.
“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,” added 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 firsthand 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 also aims to support the development of digital infrastructure in Uzbekistan and help build unicorn startups, increasing the country’s contribution to the regional innovation economy.
Imkon Ventures, co-founded by Tohir Mirzajonov and Mukhammad Khalil, is an early-stage venture capital fund focused on investing in innovative startups throughout Uzbekistan, Central Asia, and the MENA region.
By drawing on close relationships with venture studios and institutional investors, Imkon offers funding, strategic support, and helps its portfolio companies expand across borders.
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