Only a few years back, the prospect of Uzbekistan as a humming startup ecosystem may have seemed like a pipe dream. But ahead to the present, the nation is turning heads as one of the globe’s most promising up-and-coming ecosystems. From small funding rounds in 2020 to marking its first unicorn in 2024, Uzbekistan has quickly won the attention of international investors, entrepreneurs, and VCs looking to uncover the next great frontier.
The Funding Explosion and the Rise of a Unicorn
The statistics tell the tale. Early-stage investment in Uzbekistan was a mere $0.3 million in 2020. In 2024, it soared to $69.5 million—a 230-fold increase. Taking the lead is Uzum, a local fintech player that caused a splash with a $52 million Series A round, which propelled it to unicorn status with a $1.16 billion valuation. That one transaction alone took the overall ecosystem value from below $1 million in 2021 to well over $1.2 billion in 2025. That’s a huge jump for a nation that was off the radar only a few years prior.
Founder-Friendly Policies and Tax Incentives
One of the primary causes for this explosive growth? The state has gone whole hog on backing startups. Whether it’s opening up a business, establishing an office, or recruiting talent, the whole process can be completed in as few as six to eight weeks. Even better, IT Park members—Uzbekistan’s tech community—don’t pay corporate or personal income tax, value-added tax, property tax, land tax, or customs duties until 2040. That’s a big boon to local and foreign startups who want to keep expenses low and grow fast.
IT Park Uzbekistan: The Engine Room of Innovation
At its core is IT Park Uzbekistan. Rolled out from 2019 within the Ministry of Digital Technologies, it now shelters more than 2,800 companies, more than 730 foreign. Programs like the “Zero Risk Program” offer up to 12 months of complimentary office, equipment, and payroll support to incoming foreign companies. It’s designed to make Uzbekistan a low-risk, high-reward location for tech companies looking to grow.
Going Global: International Launchpads and Programs
Uzbekistan is not merely thinking local—it’s thinking global. IT Park has set up offices in the United States, Germany, Saudi Arabia, South Korea, and Japan, taking Uzbek startups global and taking global companies softly into Central Asia. These global launchpads go a long way to encourage outsourcing, partnership, and exposure of startups to the proper investors. More than 90 regional startups have taken part in global expos and forums since 2024, gaining critical visibility and contacts.
Government-Led Venture Capital and Overhaul of Legislation
The government is not standing idly by—the government is intervening with concrete support. Under the Digital Startup Program, it provides a 1+1 model of co-investment, doubling every dollar of foreign VC capital with up to $100,000. Startups are also reimbursed for joining the world’s leading accelerators and have access to up to $23,500 of non-collateral loans. In 2024, a large Presidential Decree led the way for state-run banks to establish venture funds and startup studios, offer subsidized infrastructure, and even buy digital products from startups—provided they give the collaborating institution at least a 5% stake in their equity.
Control is not left lightly either. Quarterly, a senior Coordination Council, chaired by the Minister of Digital Technologies, convenes to monitor progress and fine-tune strategy. The Prime Minister himself reviews the overall effort, making it clear that innovation is a priority across the nation.
Creating a Future-Oriented, Globally Connected Ecosystem
Uzbekistan isn’t resting on regional greatness—it’s set to become a global hub for innovation. Playing host to world-class events like ICT Week and the GBS Forum, the nation is emerging as a critical hub for technology in Central Asia. More than 50 startup programs have been debuted around the country in 2024 alone, ranging from hackathons to accelerator programs. The President Tech Award, with its $1 million purse, is yet another ambitious initiative aimed at promoting young talent and supporting world-class digital solutions.
With a combination of intelligent policies, scaling talent, political will, and a global mindset, Uzbekistan has long surpassed the status of merely a rising star. It’s now squarely on the radar as a destination of choice for startups, investors, and innovators pursuing the next big thing in tech.
