How to find an investor. The CEO of IT Park Ventures on supporting startups in Uzbekistan

Azamat Karamatov, city — Tashkent, CEO of IT Park Ventures

About Me

My career spans several sectors: from startups and venture capital investments to strategic management in the technology sector. After receiving my education at Tashkent University of Information Technologies and the Academy of Public Administration, I worked at leading investment funds and technology companies, developing the startup ecosystem and attracting capital.

IT Park Ventures is the first state-owned venture fund in Uzbekistan, established under Presidential Decree No. 357 to support early-stage startups and help them scale in the global market. We do not simply invest in promising projects; we create an ecosystem for their growth, providing access to international partners, mentorship, and strategic support. Our priority areas are artificial intelligence, FinTech, DeepTech, GreenTech, EdTech, and GameDev. Investment amounts range from $10,000 at the idea stage to $1 million at the Series A stage, with an average deal size of $150,000.

About Investments

We view venture investments as a long-term partnership rather than just a capital injection. Our approach is based on in-depth data analysis, market trends, and technological capabilities. We apply advanced analytical models, paying special attention to unit economics and business scalability.

For us, it is important not only to provide funding but also to create an ecosystem where startups receive strategic support, access to key partners, and mentorship.

Successful investing requires a combination of several key qualities:

1. Analytical thinking – the ability to deeply understand data, grasp market trends, and assess the potential of companies.
2. Strategic vision – the ability to see not only the current state of a startup but also its long-term prospects, potential growth points, and paths to scaling.
3. Risk management – balancing ambition with realism, identifying and minimizing risks while remaining open to opportunities.
4. Empathy and ability to work with founders – understanding entrepreneurs’ motivations, building trusting relationships, and helping them grow.
5. Flexibility and adaptability – the world of technology and investments is constantly changing, so it is important to quickly adapt to new conditions and find non-standard solutions.
6. Networking and ecosystem thinking – successful investors do not just invest money; they create an environment around startups that fosters their development: access to partners, talent, corporate clients, and subsequent funding rounds.

Ultimately, venture investing is not just about money, but also about creating value, supporting entrepreneurs, and developing an innovative ecosystem.

The main challenges in investing are finding strong teams and products with high potential for entering international markets. We address this issue through active communication, networking, and partnerships – from local startup communities to international venture funds and corporate players. This allows us to find promising projects, gain external expertise, and integrate startups into the global ecosystem.

Additionally, we apply a structured due diligence process, which includes in-depth analysis of unit economics, product-market fit, competitive landscape, and market dynamics. This comprehensive approach helps us not only identify strong teams but also support their growth and scaling.

We have already made our first strategic investments totaling $650,000, selecting three promising startups from the first pool, chosen from more than 100 reviewed projects. It is important to note that all these companies were founded by Uzbekistanis, some of whom reside in the United States. They are already actively working in the US, European, and Middle Eastern markets, with offices in Uzbekistan, the US, Middle Eastern countries, and Central Asia. This confirms not only the high potential of Uzbek entrepreneurs but also their ability to create globally competitive products.

Datatruck – an AI solution for automating logistics in the US market.
The platform reduces manual operations in freight transportation by up to 60% thanks to TruckGPT, and integration with more than 9,000 US banks allows synchronizing cash flows with orders. Raised funds are directed toward scaling ahead of Series A.

Geomotive – a marketplace for digital outdoor advertising with geotargeting.
It unites LED screens into a single platform, offering automated purchasing and precise effectiveness metrics. This allows brands to manage advertising campaigns with the flexibility of digital advertising.

Unitlab AI – a platform for automating data annotation and managing AI models. The technology accelerates data labeling 15 times, reduces costs fivefold, and saves up to 60% of engineers’ time, making the AI training process faster and more efficient.

These investments reflect our strategy – supporting technology startups with global prospects, helping them grow and scale in key markets.

IT Park Ventures Investment Strategy

We invest in teams, not just ideas. Strong founders with an entrepreneurial mindset, flexibility, and deep expertise are the main factor of success. We look for startups with a unique value proposition, proven demand (such as traction, clients, revenue), and potential for international scaling.

The process includes in-depth analytics: financial modeling, due diligence, and unit economics assessment. Research from Plug and Play Tech Center helps identify market opportunities and strategic prospects. We actively collaborate with their office in Uzbekistan, the EMEA region, and the US, leveraging their expertise in selecting promising startups.

Beyond traditional technology sectors, we support GreenTech and social projects that create long-term value. Thanks to clear risk analysis and process transparency, investment decisions are made promptly, which helps form a competitive ecosystem and strengthen Uzbekistan as one of the regional centers of innovation.

Our main focus is startups from Uzbekistan and founders with Uzbek roots. However, if a startup is oriented toward scaling in Central Eurasia, we are ready to consider it and help with entering the markets of Uzbekistan and neighboring countries.

The most promising regions for us remain Central Asia, where the ecosystem is rapidly developing, as well as the US, Europe, and the Middle East as strategically important regions. We support projects capable of going beyond the local market and building a globally competitive business.

IT Park Ventures does not just invest in startups – we create conditions for their global growth. Our portfolio companies gain access to international venture funds, business angels, top accelerators, and leading industry experts.

We have already signed memorandums with MOST Ventures, Astana Hub Ventures, ESG EQ Partners, Sturgeon Capital, Silkroad Innovation Hub x Silkroad Angels' Club, and are actively developing partnerships with Aloqa Ventures, Activat VC, White Hill Capital, Big Sky Capital, and other players. Together, we will actively invest, share knowledge, and organize pitch days, opening new opportunities for startups.

Our focus is strategic support: mentorship, assistance in entering international markets, and facilitation of participation in top accelerators, including Alchemist, StarX, Hero Training by Draper University, Plug and Play Tech Uzbekistan, and other programs implemented jointly with IT Park Uzbekistan.

Additionally, we cover part of the expenses for participation in major international conferences such as TechCrunch Disrupt, InMerge Innovation Summit, LEAP, Web Summit, and others, helping startups present their products to a global audience, find strategic partners, and attract investors.

We are building an ecosystem where ambitious startups receive everything they need for scaling and global success.

We invest from $10,000 to $1 million, depending on the startup’s development stage, the amount of funding required, and its scaling potential. The decision on the funding amount is based on unit economics, development roadmap, and the team’s strategic vision.

The average investment exit horizon is five to seven years, but the final decision depends on the startup’s growth dynamics and its ability to attract subsequent rounds. We focus on sustainable growth and long-term value, rather than short-term profit.

Advice

To successfully attract investments, it is necessary to:

1. Thoroughly develop the business model: investors want to see a clear monetization strategy and understanding of unit economics.
2. Prepare a financial plan: realistic forecasts, development scenarios, and economic sustainability are key factors.
3. Conduct market research: confirm the existence of the problem and the competitive advantages of your solution.
4. Test the product: having initial users, traction, and validation of hypotheses is a significant plus.
5. Have a scaling strategy: investors look for projects with the potential to enter the global market.

Where to find investors:

— leading accelerators such as Alchemist, StarX, Plug and Play, Draper University
— international pitch sessions and startup competitions
— venture funds and business angels relevant to your market
— networking at major industry conferences such as TechCrunch Disrupt, InMerge Innovation Summit, LEAP, Web Summit, and others.

Plans

At the moment, we are focusing on AI, DeepTech, GreenTech, EdTech, Game Development, FinTech, and social projects. If your startup solves a significant problem, has a strong team, and potential for scaling, we are ready to consider it for investment.