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IT Park Ventures and White Hill Capital Announce Intention to Establish Joint Fund in Uzbekistan at CEVF 2026

Tashkent, Uzbekistan — April 3, 2026
Within the framework of the Central Eurasian Venture Forum (CEVF) 2026, held on April 3, 2026 in Tashkent, IT Park Ventures and White Hill Capital signed a Memorandum of Understanding (MOU) reflecting their intention to establish a joint investment fund in Uzbekistan with a target size of up to USD 2 million.

The signing marked an important step toward the development of a new cross-border investment platform for the region. More than a financial initiative, the proposed fund is intended as a long-term mechanism to strengthen venture market connectivity between Uzbekistan, Central Eurasia, diaspora founders, and internationally oriented entrepreneurs.

The fund’s investment focus will include startups from Central Eurasia, founders from the regional diaspora building globally, as well as selected global founders whose companies can create strategic value for the region through capital, technology, talent, and market connectivity. The initiative is also expected to improve the quality and international reach of startup deal flow across Uzbekistan and the broader Central Eurasian region.

This development comes at a time of continued growth in Uzbekistan’s startup and venture ecosystem. In 2025, the country entered the Top 100 of the Global Startup Ecosystem Index for the first time, while estimated venture deal volume increased from approximately $69.5 million in 2024 to over $329 million in 2025, representing nearly a fourfold year-on-year increase.

In this context, venture funds play an important role not only by providing capital, but also by connecting entrepreneurial potential with strategic support, international partnerships, and structured pathways for growth. The proposed joint fund should therefore be seen as part of Uzbekistan’s broader innovation trajectory and its deepening integration into regional and global venture networks.
About IT Park Ventures
IT Park Ventures is a Uzbekistan-based venture fund operating under IT Park Uzbekistan and the Ministry of Digital Technologies of the Republic of Uzbekistan, established pursuant to Presidential Decree to support scalable technology startups with strong growth potential. The Fund invests across Uzbekistan, Central Eurasia, and startups founded by members of the regional diaspora worldwide.

Its priority sectors include AI, FinTech, DeepTech, GreenTech, EdTech, GameDev, initiatives with measurable social impact, and others. Through a hybrid model combining direct investments and participation in international acceleration and scale-up programs, to the date IT Park Ventures has built a portfolio of nearly 70 startups and works closely with a broad network of global and regional partners to expand founders’ access to capital, mentorship, and international markets.
About White Hill Capital
White Hill Capital is a Kazakhstan-based venture capital firm investing in early-stage technology startups across Central Asia and the MENA region. The firm focuses on fintech, AI, and digital solutions, supporting teams not only with capital but also with hands-on expertise in business development and scaling.

The company actively helps startups expand into international markets, build partnerships, and raise investment. Through its initiatives, including Tumar Innovation Hub, White Hill Capital serves as a bridge between Central Asia and global venture ecosystems, expanding access to capital, markets, and strategic opportunities.
Dalerkhon Nodirov, CEO of IT Park Ventures, said:
“The signing of this MOU reflects a shared intention to build a stronger and more internationally connected investment platform for Uzbekistan and Central Eurasia. Beyond capital, we see this initiative as a way to improve startup deal flow, strengthen cross-border investment cooperation, and create new opportunities for founders from the region, the diaspora, and globally oriented entrepreneurs. We believe partnerships of this kind can help attract long-term capital, bring international experience into the ecosystem, and support the emergence of globally competitive companies.”
Aslan Sultanov, Managing Partner of White Hill Capital, commented:
“This fund marks an important step in the development of the venture ecosystem in Uzbekistan. We are seeing a more structured market, stronger deal flow, and increasing interest from international investors. Initiatives like this strengthen Central Eurasia’s position on the global investment map and create better conditions for founders to access capital, partnerships, and scale beyond the region.”
Long-Term Impact for the Ecosystem
The proposed joint fund is expected to help attract long-term private capital into Uzbekistan and the broader Central Eurasian venture space, while increasing the region’s capacity to absorb and deploy foreign direct investment into high-growth technology companies.

It is also expected to improve startup deal flow, strengthen founder access to institutional capital, and introduce more international investment experience, professional standards, and strategic networks into the ecosystem. More broadly, the initiative is intended to support a more internationally connected and investment-ready future for venture development in Uzbekistan and across Central Eurasia.