Catalyzing Innovation: Venture Capital in Central Eurasia’s Digital Transformation
2025-06-10 15:00:00 / News
On June 10, during the Tashkent International Investment Forum, a session was held to explore the critical aspects of digital transformation in Central Eurasia. The discussion, titled “Catalyzing Innovation: Venture Capital in Central Eurasia’s Digital Transformation,” provided a platform to delve into emerging opportunities in artificial intelligence, startup ecosystems, and cross-border investment.
The session was moderated by Sardor Mukhammadaliev, founder of Biz Network. Speakers included:
• Robin Butler - Partner at Sturgeon Capital
• Alisher Djumanov - Founder and Managing Partner of AD Wealth
• Tugra Musayeva - Director of Innovation at Pasha Holding
• Bakht Niyazov - Co-founder of Most Holding
• Davron Parmonov - Managing Partner at AloqaVentures
Over the past five years, Central Asia has witnessed a notable rise in the number of startups and investors. The growth of regional accelerators and startup hubs - such as Astana Hub in Kazakhstan, IT Park in Uzbekistan, and both High Technology Park and Accelerator Prosperity in Kyrgyzstan - has further strengthened the regional innovation ecosystem.
Session participants reported that venture capital deal volume in Central Asia reached $95 million in 2024, marking a 7% increase from 2023.
Davron Parmonov, Managing Partner at AloqaVentures, shared that Startup Garage is currently active in Saudi Arabia, Morocco, and Qatar. Next month, Startup Garage will open a new branch in the United States, designed to help regional talent expand into international markets.
Participants agreed that the region’s startup ecosystem demonstrates strong growth potential, emphasizing venture capital’s pivotal role as a catalyst for artificial intelligence development and tech entrepreneurship.
“When I arrived in Uzbekistan in 2018, we saw the government’s openness to international investment and reform, including currency market liberalization. Back then, technology often just meant hardware. Now, thanks to the organizations like AloqaVentures and IT Park, the landscape has changed dramatically,” said Robin Butler, Partner at Sturgeon Capital.
The session also highlighted the importance of cross-border collaboration, the growing involvement of angel investors, and strategies for commercializing technology through regional funds and scaling innovative solutions for global markets.