Agrobank Venture Fund Launches With $6.1 Million to Support Startups in Uzbekistan

Uzbekistan’s Agrobank has launched a $6.1 million venture fund that plans to invest in up to 75 startups, with agricultural technology and artificial intelligence among its main targets. AgroVentures was presented on September 23 during ICT Week Uzbekistan 2026, held from September 22–25 at CAEx in Tashkent. The fund plans to invest between $25,000 and $500,000 in 60–75 companies. Its main focus will be agricultural technology and artificial intelligence, although it will also consider startups in areas including fintech, healthcare, education, and logistics. AgroVentures is aiming to more than double the value of its investments and eventually exit between eight and 12 companies, with those exits projected to be worth a combined $15–18 million. Zohidjon Yusupov, a venture capital specialist at Agrobank, told The Times of Central Asia that the fund would look at the strength of a startup’s team, the problem it was trying to solve, the size of its potential market, and whether its business model could be expanded. Agriculture will be a particular focus, with AgroVentures looking at technologies that could help farmers monitor crops to predict yields and use water more efficiently, as well as gain better access to markets and financing. “For example, AI-based monitoring can help farmers identify crop stress or diseases earlier, while smart irrigation technologies can help reduce water consumption,” Yusupov said. The fund’s first initiative is the Agrobank Corporate Accelerator, developed with Tashkent-based AI Station under a partnership signed on September 15. The 12-week program will select up to 20 startups to test their products with Agrobank and its business clients, with successful participants potentially securing investment or commercial partnerships. Applications are open until October 23 through the accelerator’s website.

Uzbekistan Expands President Tech Award to $5 Million, Launches $1 Million AI Startup Competition

IT Park Uzbekistan has opened a new season of the President Tech Award, the country’s largest technology competition, and launched a separate national contest focused on artificial intelligence, the President AI Award. The official presentation of both programs took place on July 1 during the Powering the Startup Ecosystem event at the Congress Hall of Uzbekistan’s Ministry of Digital Technologies. Organizers said the competitions will support technology startups through grants, venture investment, mentoring, and access to international markets. Azamat Karamatov, CEO of IT Park Uzbekistan, said the decision to increase the President Tech Award prize pool to $5 million and create the President AI Award reflected investment in a new generation of technology companies. “Our task is to create conditions under which talented developers and entrepreneurs can turn ideas into global products and contribute to the development of Uzbekistan’s digital economy,” he said. Launched on a presidential initiative, the President Tech Award has become one of Uzbekistan’s main platforms for technology projects. Organizers said more than 6,000 people took part in the most recent cycle and 862 startup teams competed, nearly double the previous season’s figures. Since the competition began in 2023, more than 13,000 people have applied and around 1,800 teams have been formed. Of the 45 projects that previously received awards, winners have created more than 400 jobs and attracted more than $10 million in post-competition investment. For 2026, the President Tech Award prize fund has been increased from $1 million to $5 million. The total includes $1 million in non-repayable grants and $4 million in venture investment for selected startups. The program will include three tracks. Early-stage teams will enter an incubation track focused on product-market fit and international mentoring, with 25 winners sharing $1 million in grants. Startups in the growth stage will compete for $1.5 million in investment through the acceleration track. A third track, Best Startup Project, will offer $2.5 million in investment from IT Park Ventures across 10 sectors, with winners selected by an international jury. The President AI Award is Uzbekistan’s first state competition dedicated fully to AI startups. It is designed to identify and develop AI projects that offer practical solutions for economic and social needs. The competition will focus on public administration, industry and entrepreneurship, healthcare, education, and the green economy and agritech. After selection, 25 startups, five from each field, will enter an acceleration program. They will work with mentors and experts to refine their products, prepare investor pitches, and raise their profile in Uzbekistan. The total investment pool for the President AI Award is $1 million, with 15 winners to receive financing across the five fields. Awards will be distributed as investments in two tranches tied to agreed performance indicators. Each field will have three winners, with $100,000 for first place, $60,000 for second, and $40,000 for third. Sherzod Shermatov, Minister of Digital Technologies, traced the awards to a shift in national policy. Uzbekistan initially promoted an outsourcing-focused IT sector, he said, but soon saw a rapid rise...