Uzbekistan Startup Ecosystem in 2025: A Year of Resilience and Transformation

Posted On 02 February, 2025

Uzbekistan, the most populous nation in Central Asia, has been rapidly transforming into a hub of entrepreneurial activity and technological innovation. With its strategic location, a youthful and increasingly tech-savvy population, and strong government support for economic reform, Uzbekistan’s startup ecosystem is thriving. Despite challenges such as limited access to late-stage funding and a nascent venture capital industry, the ecosystem demonstrated remarkable resilience in 2024, achieving significant milestones in fintech, agritech, healthtech, and renewable energy. As 2025 begins, Uzbekistan’s startups are poised for accelerated growth, leveraging opportunities in digital transformation, global collaborations, and regional trade expansion.

Record-Breaking Funding in 2024

Uzbek startups raised $400 million in 2024, marking a 70% increase from the previous year. Tashkent, the capital city, remained the epicenter of innovation, while other cities like Samarkand, Bukhara, and Andijan emerged as secondary hubs, particularly for agritech, logistics, and tourism tech.

Early-stage funding grew by 80%, reflecting growing investor confidence in Uzbekistan’s economic reforms and startup potential. Notable funding rounds included $100 million for a fintech company advancing digital payment systems, $70 million for an agritech startup revolutionizing smart farming, and $50 million for a healthtech company improving rural healthcare access.

Government programs such as the Digital Uzbekistan 2030 Strategy, the Startup Initiative Program, and partnerships with international organizations like the Asian Development Bank (ADB) and UNDP have played a pivotal role in fostering this growth.

Fintech: Driving Financial Inclusion in Central Asia

Fintech remains a cornerstone of Uzbekistan’s startup ecosystem, raising $180 million in 2024. With a significant portion of the population still underbanked, fintech startups are addressing critical gaps through mobile wallets, digital payment platforms, and SME financing solutions.

Leading players like Click, a digital wallet, and Payme, a mobile payment system, expanded their user base significantly. Emerging startups like Oson, focusing on financial management tools, and MyUzCard, a unified digital card system, gained traction. Regulatory reforms by the Central Bank of Uzbekistan and initiatives under the Financial Inclusion Development Plan have created a favorable environment for fintech growth.

Agritech: Transforming Agriculture Through Innovation

Agritech startups raised $90 million in 2024, leveraging AI, IoT, and blockchain to modernize Uzbekistan’s agricultural sector. Agriculture, which contributes nearly 25% of the country’s GDP, remains a critical area for innovation.

Notable startups like AgroTech Solutions, which offers IoT-enabled irrigation systems, and SmartAgro, specializing in AI-driven crop management, are transforming farming practices. Companies like UzFarmersHub, connecting farmers with markets, and AgriTrade Uzbekistan, a blockchain-based platform for agricultural supply chains, are addressing systemic inefficiencies. Government initiatives under the Agro Development Program 2030 have further accelerated the sector’s growth.

Healthtech: Bridging Gaps in Healthcare Access

Healthtech startups in Uzbekistan raised $60 million in 2024, focusing on telemedicine, digital health records, and AI-powered diagnostics. With rural areas facing significant healthcare accessibility challenges, healthtech innovation is addressing critical needs.

Startups like DocOnline, a telemedicine platform, and MedUz, a digital pharmacy service, are transforming healthcare delivery. Companies like AIHealth Central Asia, specializing in diagnostics, and PharmaConnect, offering e-prescriptions, gained recognition. Investments under the National Health Improvement Strategy and partnerships with global health organizations have bolstered the sector.

Green Tech: Advancing Renewable Energy and Sustainability

Green tech startups raised $50 million in 2024, focusing on renewable energy, waste management, and climate-resilient infrastructure. Uzbekistan’s abundant solar and wind resources, coupled with government policies promoting sustainability, have spurred green tech innovation.

Key players like SolarUz, specializing in solar energy projects, and EcoWaste Solutions, focusing on waste-to-energy systems, are leading the sector. Emerging startups like GreenBuild Uzbekistan, developing eco-friendly construction materials, and SmartEnergy Central Asia, promoting microgrid solutions, gained recognition. Government policies under the Renewable Energy Development Plan and international support from the World Bank have supported the growth of green tech.

E-Commerce and Logistics: Scaling Digital Trade

E-commerce and logistics startups raised $40 million in 2024, driven by increasing internet penetration and a growing appetite for online shopping.

Companies like Uzum Market, a leading e-commerce platform, and Express24, a logistics and delivery service, expanded their reach significantly. Emerging startups like ShopUz, focusing on rural e-commerce, and FastTrack Uzbekistan, addressing last-mile delivery challenges, gained momentum. Investments under the Digital Trade Strategy enabled rapid scaling of these services.

Tourism Tech: Revitalizing Uzbekistan’s Unique Heritage

Tourism tech startups raised $20 million in 2024, leveraging digital tools to enhance traveler experiences and promote Uzbekistan’s cultural and historical sites.

Companies like Visit Uzbekistan, a travel planning platform, and HeritageAR, offering augmented reality tours of historical landmarks, are redefining tourism. Startups like EcoTours Uzbekistan, focusing on eco-tourism, and LocalLink Central Asia, integrating local cultural experiences, gained traction. Government initiatives under the Tourism Development Strategy 2025 have supported the sector’s recovery and growth.

Digital Infrastructure and Smart Cities

Uzbekistan achieved significant progress in digital infrastructure in 2024, including expanded broadband access and the rollout of 5G networks. These advancements enabled startups to innovate in IoT, cloud computing, and smart city solutions.

Tashkent and Samarkand are leading smart city initiatives, focusing on renewable energy integration, AI-driven traffic management, and digital public services. Programs like Smart Uzbekistan 2025 have positioned the country as a regional leader in digital transformation.

Global Collaborations and Market Expansion

Uzbek startups increasingly entered international markets in 2024, with over 30 companies establishing a presence in Central Asia, the Middle East, and Europe. Initiatives like the Central Asia Startup Hub and partnerships with accelerators such as Astana Hub and Google for Startups have facilitated cross-border collaborations.

Uzbekistan’s strategic location along the Silk Road and its growing innovation ecosystem have made it an attractive destination for international investors and a gateway to Central Asia.

Mergers and Acquisitions (M&A): Strengthening the Ecosystem

M&A activity in Uzbekistan reached new heights in 2024, with 12 deals valued at $70 million. Startups in fintech, agritech, and green tech were the primary targets for acquisitions by regional and global corporations.

A notable deal included the acquisition of a Tashkent-based fintech company by a multinational financial services firm, underscoring the ecosystem’s growing global relevance.

Employment and Talent Development

Uzbek startups created over 20,000 new jobs in 2024, with strong demand for professionals in fintech, AI, and agritech. Collaborations between startups and universities, along with government programs like the Digital Skills Development Initiative, ensured a steady pipeline of skilled talent.

Investments in STEM education and digital upskilling have empowered local professionals and attracted international talent to the ecosystem.

Challenges and Opportunities

Despite its progress, Uzbekistan’s startup ecosystem faces challenges such as limited access to late-stage funding, regulatory hurdles, and rural infrastructure gaps. However, opportunities lie in leveraging its youthful population, strategic location, and expanding digital economy. Emerging sectors like fintech, agritech, and green tech are poised to drive the next wave of growth.

The government’s commitment to fostering innovation, sustainability, and digital transformation will be critical in addressing these challenges and sustaining momentum in 2025.

Looking Ahead to 2025

As Uzbekistan’s startup ecosystem advances into 2025, it is poised for continued growth and global recognition. Key focus areas include scaling fintech and agritech solutions, advancing green tech innovations, and fostering deeper international collaborations.

With its strong commitment to sustainability, digital transformation, and entrepreneurship, Uzbekistan is well-positioned to become a leading innovation hub in Central Asia and beyond.

The Uzbekistan startup ecosystem in 2025 exemplifies resilience, creativity, and transformation. By leveraging its strengths in technology, sustainability, and international collaboration, Uzbekistan is shaping its future as a leader in the global innovation landscape. Startups in the country are not only addressing local challenges but are also paving the way for a sustainable and prosperous future for Central Asia and the world.