How to Find an Investor: CEO of IT Park Ventures on Startup Support in Uzbekistan

At the end of 2024, IT Park Ventures was launched in Uzbekistan. The Tech editorial team spoke with Azamat Karamatov to learn which types of startups the fund is currently targeting and the strategies it employs to support them.

Azamat Karamatov, Tashkent — CEO of IT Park Ventures

About Me

My career spans various fields — from startups and venture capital to strategic management in the technologysector. After completing my studies at the Tashkent University of Information Technologies and the Academy of Public Administration, I collaborated with leading investment funds and technology companies, contributing to the development of startup ecosystems and capital attraction.

IT Park Ventures is Uzbekistan’s first state-backed venture capital fund, established under Presidential Decree No. 357 with the objective of supporting early-stage startups and enabling their international scale-up. Our mission extends beyond financial investment — we aim to build an ecosystem that supports sustainable growth by ensuring startups have access to international partners, mentorship, and strategic guidance. Our key areas of interest include Artificial Intelligence, FinTech, DeepTech, GreenTech, EdTech, and Game Development. We invest from as little as $10,000 at the idea stage to up to $1 million at the Series A stage, with the average ticket size being around $150,000.   

On Investment

We view venture capital not as a mere infusion of funds, but as a long-term partnership. Our approach is grounded on rigorous analysis of data, market dynamics, and technological feasibility. We employ advanced analytical models and place particular emphasis on unit economics and scalability.

Capital, for us, is only one part of the equation. Equally critical is the creation of a robust ecosystem wherein startups receive strategic support, access to key partners, and mentorship.

Successful investment requires a combination of key qualities:

1. Analytical Thinking — the ability to analyze data in depth, interpret market dynamics, and assess the potential of companies.
2. Strategic Vision — the foresight to see beyond the current product toward long-term growth and scalability. 
3. Risk Management — balancing ambition with realism, identifying and mitigating risks while remaining open to opportunities.
4. Empathy and Collaboration — understanding entrepreneurial motivations, building trust with founders, and supporting their professional development. 
5. Flexibility and Agility — given the ever-evolving nature of the tech and investment sectors, adaptability and out-of-the-box thinking are essential.
6. Network and Ecosystem Mindset — successful investors do more than fund startups — they build an environment that fosters development, offering access to partners, talent, corporate clients, and subsequent funding rounds.

Ultimately, venture investment is not just about money — it’s about creating value, supporting entrepreneurs, and nurturing a vibrant innovation ecosystem.

One of the main challenges in investing is identifying teams and products with strong potential for global expansion. We overcome this through active communication, networking, and partnerships — from local startup communities to global venture funds and corporate players. This approach enables us to identify promising projects, access external expertise, and integrate startups into the global ecosystem. 

We also employ a structured due diligence process that includes deep analysis of unit economics, product-market fit, competitive landscape, and market dynamics. This comprehensive approach enables us not only to identify high-potential teams but also to effectively support their growth trajectory.  

To date, we have made three strategic investments totaling $650,000, selected from over 100 applicants. All three startups were founded by Uzbek entrepreneurs — some of whom are based in the United States — and are already operating in the U.S., Europe, and the Middle East. With offices in Uzbekistan, the U.S., the Middle East, and Central Asia, they demonstrate both the high potential of Uzbek entrepreneurs and their ability to create globally competitive products.

Datatruck — an AI-driven platform for automating logistics operations in the U.S. market.

The product reduces manual work in freight transportation by up to 60% through TruckGPT and integrates with over 9,000 U.S. banks to synchronize cash flow with orders. Funding is being used to scale the business ahead of a Series A round. 

Geomotive — a geotargeted DOOH (digital out-of-home) advertising marketplace.
It unites digital billboards on a single platform, offering automated media buying and accurate performance metrics, enabling brands to manage campaigns with the flexibility of digital advertising.

Unitlab AI — a platform for automated data annotation and AI model management.
It increases labeling speed by a factor of 15, cuts costs by 5 times, and reduces engineers’ time spent on training models by 60%, enabling faster AI deployment.

These projects reflect our strategy of supporting tech startups with global potential and helping them scale across key markets.

Investment Strategy of IT Park Ventures

We invest in teams, not just ideas. Strong founders with entrepreneurial thinking, adaptability, and deep expertise are the key to success. We evaluate startups with a unique value proposition, validated demand (evidenced by traction, paying customers, or revenue), and clear scalability potential.      

Our investment process involves comprehensive analytics, financial modeling, due diligence, and assessment of unit economics. Research from Plug and Play Tech Center helps identify market opportunities and strategic outlooks. We actively collaborate with their offices in Uzbekistan, the EMEA region, and the U.S., leveraging their expertise to select promising startups.

Beyond traditional tech sectors, we also support GreenTech and social impact projects that deliver long-term value. Through structured risk analysis and transparent processes, we are able to make investment decisions efficiently, which contributes to building a competitive ecosystem and positioning Uzbekistan as one of the regional innovation hubs.  

While our primary focus is on startups originating from Uzbekistan or founded by individuals of Uzbek origin, we are also open to investing in international projects that seek to expand into Central Asia. In such cases, we actively facilitate their entry into Uzbekistan and surrounding markets.

The most promising markets for us remain Central Asia — where the ecosystem is rapidly developing — as well as the U.S., Europe, and the Middle East, which we view as strategically important regions. We support projects that can transcend local boundaries and build globally competitive businesses.

IT Park Ventures is more than just an investor — we create conditions for global growth. Our portfolio companies gain access to international VC funds, angel investors, top-tier accelerators, and industry experts.

We have already signed Memorandums of Understanding with MOST Ventures, Astana Hub Ventures, ESG EQ Partners, Sturgeon Capital, Silkroad Innovation Hub x Silkroad Angels’ Club, and are actively developing partnerships with Aloqa Ventures, Activat VC, White Hill Capital, Big Sky Capital, and others. Together, we will invest, exchange knowledge, and host pitch events to connect startups with global opportunities.   

Our focus is strategic support — mentorship, assistance with international market entry, and support in participating in leading accelerator programs, including Alchemist, StarX, Hero Training by Draper University, Plug and Play Tech Uzbekistan, and other initiatives in collaboration with IT Park Uzbekistan. 

We also cover part of the expenses for participation in key international conferences, such as TechCrunch Disrupt, InMerge Innovation Summit, LEAP, Web Summit, and others. This helps our startups to showcase their products on global stages, find strategic partners, and attract investors.

We are creatingan ecosystem where ambitious startups receive everything they need for scaling and global success.  

Our investments range spans from $10,000 to $1 million, depending on the stage of development, capital requirements, and growth potential. Investment amounts are determined based on unit economics, development roadmap, and the team’s strategic vision.    

While our typical investment horizon is five to seven years, exit timing depends on the startup’s performance and ability to attract follow-on investment. We prioritize sustainable growth and long-term value creation over short-term returns.

Advice

To attract investment successfully, it is essential to:

1. Develop a well-structured business model: investors seek a clear monetization strategy and understanding of unit economics.
2. Prepare a financial plan: realistic projections, growth paths, and economic sustainability are critical.
3. Conduct market research: validate the problem and highlight your competitive edge.
4. Test the product: having early users, traction, and validated hypotheses significantly strengthen your position.
5. Have a scaling strategy: investors look for businesses with global market potential.

Where to Find Investors:

• Leading acceleration programs such as Alchemist, StarX, Plug and Play, Draper University.
• International pitch sessions and startup competitions.
• Venture capital funds and angel investors aligned with your target market.  
• Networking at major industry conferences including TechCrunch Disrupt, InMerge Innovation Summit, LEAP, Web Summit, and others.

Looking Ahead

At present, we are focused on AI, DeepTech, GreenTech, EdTech, Game Development, FinTech, and socially impactful projects. If your startup addresses a significant challenge, is backed by a strong team, and demonstrates clear potential for scale, we are open to considering it for investment.