Central Asia’s VC Market Grows to $320 Million in 2025

Central Asia's venture capital market reached $320 million in 2025, driven by significant investments in startups, according to a report by RISE Research presented at the Central Eurasian Venture Forum in Tashkent. This marks a notable increase from previous years, indicating a growing interest in the region's entrepreneurial landscape.

Key Investments

A major contributor to this growth was the funding round for Kazakh startup Higgsfield, which closed a Series A funding extension in January that raised its total to over $130 million and pushed its valuation above $1.3 billion, making it the region's first venture-backed unicorn. Additionally, Uzbek e-commerce group Uzum raised $65.5 million, together accounting for 61 percent of the total venture capital in Central Asia for the year. Excluding these two deals, the remaining market still experienced a 31 percent year-over-year growth.

Regional Insights

Kazakhstan emerged as the primary hub for venture investment, with funding nearly tripling to $209 million in 2025, half of which was directed towards artificial intelligence ventures. Astana Hub, the largest tech park in the region, reported that resident companies attracted $177 million in investments in 2024 and generated $481 million in tech exports. Meanwhile, Uzbekistan's startup funding surged more than eleven times since 2022, reaching $33.8 million last year. The European Bank for Reconstruction and Development has also recognized the region's potential, naming 13 finalists for its inaugural Central Asian Star Venture cohort, with seven from Uzbekistan.