Central Asia’s venture capital market reaches $95M in 2024
Research by RISE Research, EA Group, MA7 Ventures, BGlobal Ventures, KPMG, and Dealroom.co shows Central Asia’s venture capital market grew 7% to $95M in 2024.
The region now hosts over 1,800 startups and more than 100 active investors, representing significant ecosystem growth over the past five years.
Kazakhstan leads with 74% of regional investments, attracting $71M in 2024 for a total startup valuation of $710 million. Deal sizes grew with 40% ranging from $200K-$500K, compared to 62% under $200K in 2021. Foreign investors contributed 53% of funding, coming from the USA, UAE, UK, Saudi Arabia, Singapore, Azerbaijan, Turkey, Estonia, and others. Twelve Kazakhstani venture funds hold $157M collectively, with 32% already invested and 44% raised from high-net-worth individuals.
Uzbekistan’s market grew 2.7 times to $17.5M across 38 deals, with average deal size quadrupling to $460,000. Local investors provided 52% of funding, while international investment decreased by 11% compared to 2023. Five new venture funds launching in Q1 2025 signal increasing activity, though the market remains focused on early-stage investments.
Tajikistan reached $4.6M in venture financing, focusing on halal fintech and AI credit scoring models, supported by tax incentives for startups in IT Park Dushanbe and a new $5M fund. This represents the country’s first significant steps in developing venture investment infrastructure.
Sectors across the region include AI, fintech, educational and medical technologies. However, later-stage funding remains scarce, pushing startups toward international markets. Currently, Central Asian founders have established 200+ startups in the USA, 50+ in the UK, and 20+ in the UAE.
Source: VCWire
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