Uzbek Banks Unite for $40M Startup Fund
Seven state-owned banks in Uzbekistan have come together to launch United Ventures , a $40 million venture fund created to boost the country’s startup and innovation ecosystem. Officially registered in January 2025 with charter capital of 525 billion soums, the fund is backed equally by AsakabankDealroom has a profile for this one. Try Dealroom →, MikrokreditbankDealroom has a profile for this one. Try Dealroom →, UzmilliybankDealroom has a profile for this one. Try Dealroom →, Xalq BankiDealroom has a profile for this one. Try Dealroom →, Business Development BankDealroom has a profile for this one. Try Dealroom →, TuronbankDealroom has a profile for this one. Try Dealroom →, and AgrobankDealroom has a profile for this one. Try Dealroom →, with each holding a 14.28% stake.
United Ventures is designed not only to provide direct financing to early-stage companies but also to strengthen the broader ecosystem. Its mission includes attracting strategic investors, collaborating with accelerators and incubators, and drawing private capital into emerging sectors of the economy. By pooling resources from some of Uzbekistan’s largest state-owned financial institutions, the fund aims to create a coordinated platform for supporting entrepreneurs and developing high-potential technologies.
The establishment of United Ventures follows government directives encouraging banks to participate more actively in venture financing as part of the country’s shift toward innovation-driven growth. With significant capital at its disposal and a mandate to foster collaboration, the fund represents one of the most ambitious initiatives yet to support startups in Uzbekistan, marking a notable step toward building a sustainable venture capital market in the region.
