On July 23, a pivotal meeting was held in Tashkent between Timur Khusanov, Director of the Department for Analysis, Support, and Coordination of State Policy in Small and Medium Business Development at Uzbekistan’s Ministry of Economy and Finance, and Dilshod Khashimov, CEO of the National Venture Fund UzVC, alongside Mustafa Kopyuk and Yagyz Karadeniz, managing partners of the international venture firm DOMiNO Ventures from the Netherlands. The discussions centered on accelerating the growth of Uzbekistan’s startup ecosystem and expanding foreign investment inflows.
DOMiNO Ventures stands as a dynamic player in the regional venture capital landscape with active operations not only in Uzbekistan but also across Kazakhstan, Georgia, Azerbaijan, and parts of Europe and Turkey. Over the past five years, the ecosystem across these countries exploded — the number of startups increased 4.5 times, exceeding 4,500, and venture deal volumes reached 120 million USD in 2024.
The meeting spotlighted DOMiNO’s flagship initiative, the BetterFuture AI Acceleration program, designed as an intensive 8-week online accelerator focusing on AI startups. Furthermore, successful Uzbek startups already backed by UzVC and DOMiNO were showcased, including Tass Vision — an AI-powered video analytics system; PointAi — a digital solution for e-commerce; and Datatruck — a logistics optimization platform for freight transportation.
DOMiNO Ventures confirmed its commitment to invest 50 million USD over the coming five years specifically in the region, while their broader funding potential targeting over 20 startups may amount to around 100 million USD. As part of deepening collaboration, both parties agreed on launching joint programs and fostering an exchange of expertise to sustainably nurture Uzbekistan’s startup environment.
Strategic implications for Uzbekistan’s economic and innovation landscape
This partnership comes at a time when Uzbekistan is ambitiously positioning itself as a regional innovation hub, with government frameworks actively supporting small and medium enterprises and enhancing the venture capital climate. DOMiNO’s multi-million-dollar pledge recognizes the growing potential of local tech innovators and logistical startups, especially in sectors such as AI and e-commerce, that directly influence key economic arteries including manufacturing, transport, and digital commerce.
The injection of venture capital and expertise not only improves the local innovation ecosystem but also paves the way for digital transformation and process optimization in logistics and supply chains — core elements for scaling manufacturing and construction operations.
The growing activity of foreign venture funds like DOMiNO signals enhanced openness of Uzbekistan’s market to global investment and advanced technological solutions, which can facilitate partnerships, joint ventures, and access to cutting-edge innovations. Companies targeting expansion or sourcing opportunities in Central Asia should monitor this startup growth as a potential springboard for introducing innovative materials, technologies, or methodologies that leverage AI and digital platforms.
In summary, this infusion of international capital and knowledge exchange promises to underpin Uzbekistan’s trajectory towards becoming a more vibrant, technologically advanced economy — creating fertile ground for foreign investors and industry players seeking sustainable growth and regional cooperation.
