A venture fund called Justart Fund with a volume of up to $50 million will be created in Uzbekistan.

As part of ICT Week Uzbekistan, it was announced that a new venture fund, Justart Fund, has been established with the participation of major European investors. A memorandum of understanding was signed by Justart VC and the European investment company Fil Rouge Capital.

Justart Fund is an early-stage fund with a size of up to $50 million, which will invest in Pre-Seed, Seed, and Series A stages in startups from Central Asia. The fund's mandate includes Physical AI, HR Tech, FinTech, AgriTech, MedTech, GreenTech, HealthTech, and cybersecurity. Justart will manage the fund, and Julien Custori, founder of Fil Rouge Capital, will serve as a strategic advisor.

On behalf of Justart, the memorandum was signed by Maxim Tolmachev, and on behalf of Fil Rouge Capital by Julien Custori. At the same time, the fund team is negotiating with local LPs — fund of funds and private investors, some of whom have already confirmed their participation.

Maxim Tolmachev, JustArt VC
As a new player, we see great potential in solo founders. We will not just invest — we want to create new traffic for startup founders and help them with distribution.

Julien Custori, Fil Rouge Capital
I see enormous potential in this region, including in Uzbekistan itself, where large-scale measures are currently being taken to support and develop the venture industry.

About the company

Justart VC is a venture studio and investment company created by venture investor Bakt Niyazov.

Fil Rouge Capital is a European venture company successfully developing its venture business in the Balkans.