14 most active venture funds in Central Asia

The market is no longer considered peripheral: the first technological unicorn has emerged here, and the number of active funds is growing every year. Below is an overview of the funds and investors shaping the venture landscape of the region.

Kazakhstan

MOST Ventures 
One of the most active private venture funds in Central Asia, it was the first private venture fund registered in the MCX (Astana International Financial Centre). It invests in IT startups from the Pre-Seed to Series A stages, with checks ranging from $20,000 to $700,000. The fund works with startups from all five countries in the region and provides not only financial but also operational support through acceleration and incubation programs. 

White Hill Capital
An early-stage venture fund created by White Hill Capital in collaboration with the World Bank and the Ministry of Digital Development of Kazakhstan. Founded in 2021, by 2023 it had become the country's largest private venture fund. It invests in startups in FinTech, EdTech, AI, and other technological sectors.

Activat VC 
A local Kazakh venture fund that, in addition to investing, maintains one of the most comprehensive public registries of venture investors in Central Asia and the Caucasus. The fund invests in early-stage startups and actively participates in corporate acceleration programs. Activat VC also runs an educational initiative—a course on venture investing for beginner investors.

MA7 Ventures
MA7 Ventures is the venture fund of Kazakh investor Murat Abdrakhmanov. Over 30 years in the technology business, he has invested in more than 70 startups, including the American AI startup Higgsfield. The fund invests in tech projects at the Seed stage and beyond, focusing on teams with ambitions to enter the global market.

EA Group
EA Group Holding is a Kazakh investment holding founded in 2018 in Almaty. It operates in three areas: direct investments, venture capital, and hedge funds. Its portfolio includes 29 companies with total assets of $210 million. In 2025, the holding launched a venture fund in Spain in partnership with the global platform Plug and Play, with a volume of €20 million.

Uzbekistan

UzVC 
One of the first venture funds in Uzbekistan, it became part of the state strategy for developing the country's startup ecosystem. The fund emerged in 2018–2019 as a small experiment with a capital of $1.5 million—the state deliberately chose a venture model over a grant-based one to test its effectiveness. 

Today, UzVC is one of the key players in the country's startup ecosystem and actively participates in discussions about the next stage of market development—finding exit strategies for investments to attract capital into new funds. 

Yoshlar Ventures
Yoshlar Ventures is an Uzbek venture fund for young entrepreneurs, operating with the support of the State Agency for Youth Affairs. It invests in startups at the earliest stages—even when there is no finished product yet. 

Aloqa Ventures 
A corporate venture fund of Uzbek AloqaBank, launched in 2021. It invests in early-stage startups with a focus on fintech, GovTech, and SaaS solutions. The fund acted as a co-investor in one of the most high-profile deals in the region. 

IT Park Ventures 
IT Park Ventures is a venture fund under IT Park Uzbekistan and the Ministry of Digital Technologies of Uzbekistan. It invests in early-stage technology startups: from idea to entering international markets. The focus is on AI, FinTech, SaaS, DeepTech, and EdTech.

SQB Ventures
SQB Ventures is a venture fund under the Uzbek state bank Uzpromstroybank, founded in 2025. It invests in early-stage startups with checks ranging from $50,000 to $300,000. It supports projects in FinTech, AI, e-commerce, instrutech, energy, and real estate. 

DOMiNO Ventures 
A venture fund focused on high-tech and digital startups from Eastern Europe, Central Asia, and Turkey. It invests in logistics, e-commerce, HealthTech, and B2B SaaS at early stages. 

DOMiNO Ventures considers Central Asia a strategically important direction against the backdrop of the growth of the region's digital economy.

Azerbaijan

SABAH.fund 
An early-stage venture fund from Azerbaijan focusing on EdTech, HealthTech, AI, and projects with social impact. The fund works with startups from Central Asia and the Caucasus and is part of the SABAH.HUB structure—one of the leading technology hubs in Azerbaijan.

SABAH.fund targets teams solving current challenges in education and healthcare in emerging markets and considers Central Asian countries a priority direction for portfolio expansion.

Caucasus Ventures 
Caucasus Ventures is a venture fund from Baku, founded in 2022 with the support of PASHA Holding and the Agency for Innovative and Digital Development of Azerbaijan. It invests in pre-seed technology startups from the Caucasus, Central Asia, and Eastern Europe. In addition to funding, it helps founders with mentoring, entering local and regional markets, and networking within the portfolio.

INMerge Venture Fund
INMerge is an annual innovation summit in Baku organized by PASHA Holding. Within the framework of the summit, the INMerge Venture Fund operates, through which accredited investors can jointly invest in promising startups in the region.