Uzbekistan's digital ecosystem Uzum has become the first technology company in the country's history to achieve "unicorn" status with a valuation exceeding $1 billion.

The Uzbek digital ecosystem Uzum has raised over $100 million, becoming the first technology company in the country's history to achieve unicorn status with a valuation exceeding $1 billion. The lead investor in the Series A round was the global venture fund FinSight Ventures, while Xanara Investment Management and a number of Uzum top executives joined the round as followers. Equity investments amounted to over $50 million, and the ecosystem had previously raised another $50 million in the form of debt, bringing the total investment in Uzum to over $100 million.

In 2024, the ecosystem plans to launch the country's largest logistics complex for online trading, which will allow it to increase e-commerce turnover by two and a half times in the same year. Uzum will also launch a number of ecosystem products in the field of unsecured lending to individuals, small and medium-sized businesses. The funds raised in the framework of the round are planned to be directed towards the development of IT and logistics infrastructure in the country, as well as funding its own installment service.

As a result of the round, investors will receive a stake of less than 5%. Throughout 2024, the Uzum ecosystem plans to raise an additional $200 million with the participation of funds from both the Middle East, as well as from the UK and the US.

Source: uzum.com