Uzbekistan dominates regional venture deals, but exits lag

Uzbekistan accounted for 76% of the 58 venture deals tracked across the CIS, excluding Russia, in the first half of 2026, according to fresh research by DSIGHT consultancy. All three M&A and exit events in the report’s regional sample occurred in Kazakhstan, illustrating how far Tashkent’s startup market still is from a full investment cycle.

The key takeaway for international investors in the Venture Eurasia H1 2026 report is the contrast between investors finding an escape route in Kazakhstan, the only market in the sample to do so during the period, while Uzbekistan has created the region’s most active pipeline for new wagers.

The study, conducted by DSIGHT with B1, T-Bank and KAMA FLOW, allocates deals based on the location of the company’s legal and operational headquarters. Totals include transactions where the value is not disclosed but are excluded from the money measures.

The 76% reflect the frequency of deals, not Uzbekistan’s share of total capital invested.

Read more: Uzbekistan leads global venture capital growth with 540% surge

Many cheques, several investors

The activity took place through several local funds. Yoshlar Ventures was involved in 13 deals, Aloqa Ventures in 11, IT Park Ventures in 10, Imkon Ventures in seven and United Ventures in three, the report said.

Most of the early-stage cheques aside from the large Uzum round were in the $10,000 to $300,000 range. That range matters, as one big transaction can alter a country’s funding total, while repeated smaller investments show whether new founders can enter the market.

Uzbekistan also put forward $30m of fund capital over the half year. Yoshlar Ventures raised an additional $10m, bringing its total capital to $20m, while IT Park Ventures added $20m to reach $30m. Hayot Ventures, a new pre-seed investor, also launched.

IT Park Ventures confirmed its increase in May and said it would expand its focus to seed and Series A companies.

Read more: Central Asia named world’s fastest-growing startup ecosystem region