
UzVC stands as anchor investor for the first two private local venture funds
Miraki 2025
We are pleased to announce that the Fund of Funds UzVC stands as an anchor investor for the first two private local venture funds, both of which previously operated as venture studios: Imkon Ventures and SarmoVC, each with a fund capital of up to $5 million.
This reaffirms our strong focus on the development of the private sector. The official launch of the funds was announced at the Ministry of Finance and Economy and the Asian Development Bank conference on small and medium enterprises, attracting attention to the initiative from the global venture community.
In the long term, these funds aim to support the emergence of the first tech unicorns in Uzbekistan and strengthen the country’s position as a key player in the regional innovation economy.
- Imkon Ventures is an early-stage pre-seed, seed venture fund that will invest in pre-seed startups.
The fund was co-founded by venture investor Tokhir Mirzajanov (Qatar) and Muhammad Khalil, founder of Startup Garage and managing partner of Imkon Ventures. The fund will invest in startups in fintech, artificial intelligence, B2B SaaS, and deep tech, with a focus on projects that have cross-border growth potential.
The initiative aims to become a bridge between Central Asia and the MENA region, helping Uzbek teams integrate into the global tech ecosystem by launching projects through Startup Garage.
Over the next two years, Imkon Ventures plans to invest in 25–30 startups, providing average funding from $50k up to $150k per startup. Additional follow-on investments are planned for the most promising projects. It is expected that the fund will create over 1,000 high-skilled jobs by 2030, and have a long-term impact on the development of digital infrastructure and human capital in the country.
2.SarmoVC focuses on pre-seed startups — especially those that are still at the idea stage and not yet generating revenue, but show high potential..
Investment amounts range from $5,000 to $20,000, with the possibility of follow-on investments up to $50,000. The fund uses various revenue-sharing models and buy-back options. Key focus areas include EdTech and AI.
SarmoVC operates through its platform Sarmo Lab venture studio, which aims to support the earliest-stage teams, helping in hypothesis testing, and preparing for future funding rounds.
SarmoVC is doing the reverse — supporting diaspora founders, AI engineers, and innovators in education technologies in the idea stage.
These investments in emerging private venture funds will provide a strong foundation for the growth of early-stage private venture deals and the preparation of startups for further acceleration and investment rounds from larger local and international venture funds.
UzVC sincerely wishes the teams of SarmoVC and Imkon Ventures further success and new achievements.