Central Asian Startups See Investment Surge

The fifth Central Eurasian Venture Forum (CEVF 2026) opened in Uzbekistan for the first time, drawing around 800 investors, startups, and technology companies from Central Asia, Europe, the U.S., Southeast Asia, and the Middle East and North Africa. Minister of Digital Technologies Sherzod Shermatov attended the opening ceremony. The event was organized by MOST Holding and IT Park Uzbekistan with government support. Partners included Astana Hub, the European Bank for Reconstruction and Development, the International Finance Corporation, Visa, and others. During the forum, the report Startups and Venture Capital in Central Asia 2026, prepared by RISE Research, was presented. According to the study, total venture capital investment in the region reached $320 million in 2025. The two largest deals, $130 million for Higgsfield and $65.5 million for Uzum, accounted for 61% of the total. Excluding these deals, the market reached $124.5 million, marking a 31% increase compared to 2024 and indicating steady organic growth. At the forum, the analytical agency RISE Research presented a study of the Central Asian venture capital market for 2025. According to the study, the volume of venture capital investments in Kazakhstan nearly tripled, reaching $209 million, with artificial intelligence being the main driver, accounting for approximately half of the total investment.  In Uzbekistan, funding reached $33.8 million, an increase of more than eleven times compared to 2022. Including major deals, the Uzbek market is estimated at $99.3 million, with 85% of investment coming from domestic investors. The forum also hosted the CEVF Awards ceremony, recognizing key players in the regional venture ecosystem. In addition, the European Bank for Reconstruction and Development announced 13 finalists for its Star Venture program for Central Asia, aimed at supporting high-tech startups. During the forum, cooperation agreements were signed with international partners, including companies from South Korea and the Middle East, to support the development of the startup ecosystem and attract investment. The second cohort of the Investment Readiness Accelerator (IRA) Tashkent program, focused on early-stage startups, was also launched.

Almaty Launches Startup Program to Attract Investment

Almaty has hosted the Almaty Investment Initiative, where city officials and private-sector representatives unveiled a new program aimed at fostering technology entrepreneurship. The initiative, implemented jointly by MOST Holding and the city administration’s Digitalization Department, seeks to attract international capital and develop a sustainable startup ecosystem. The program’s launch comes amid intensifying competition among regional urban centers for investment in the technology sector. Almaty aims to position itself as a gateway for projects targeting both the domestic market and export-oriented growth. The acceleration program is designed to run for two years and will include nine thematic tracks supporting up to 250 startups. Organizers plan to use a range of formats. These include the Investment Readiness Accelerator (IRA), which focuses on helping startups secure funding during the program, as well as an international off-site track in Shanghai intended for 10 startups planning to enter the Chinese market. Another component is the Soft Landing program, designed for foreign companies considering Kazakhstan as a base for regional expansion. Within the initiative, city authorities are expected to act as both regulators and potential customers for innovative solutions. Priority sectors include transportation, tourism, environmental technologies, energy, education, and healthcare. According to Olzhas Zhanabek, head of Almaty’s Digitalization Department, support for startups is seen as a tool for modernizing the city’s economic structure. “Our task is to create conditions for the growth of projects that can enter international markets and bring practical benefits to the city,” he told The Times of Central Asia. MOST Holding will serve as the program operator, facilitating connections between entrepreneurs, investors, and government agencies. Particular emphasis will be placed on solutions that can be integrated into the city’s infrastructure. Organizers say the initiative aims to attract around $60 million in investment for participating startups. In addition, approximately 45 projects are expected to enter foreign markets, while up to 15 startups may pilot and implement their solutions in Almaty. Pavel Koktyshev, co-founder and CEO of MOST Holding, said the program is intended to support startup development while ensuring practical implementation. “We want to bring together the city, businesses, and investors on a single platform. This is not just about preparing projects, but also about implementing solutions in the real economy,” he said. The event also addressed issues related to attracting foreign capital. Participants discussed opportunities linked to the infrastructure of the Astana International Financial Centre (AIFC), as well as strategies for Kazakhstani companies seeking to enter global markets.