IT Park Uzbekistan and TUZ Ventures signed a partnership agreement to stimulate the development of technology sector startups. The focus to be set on FinTech, logistics, e-commerce and artificial intelligence. Within the scope of this agreement, the partners to develop an analytical report on the current state belonging to the startup market in the Republic of Uzbekistan.
IT Park is a complex of facilities, buildings and structures designed to ensure the launch and rollout of promising start-up projects on the market, an extraterritorial free economic zone for IT companies, including those via integration with scientific and educational organizations. A place where active and gifted people in the IT sector will have a best chance to transform their ideas into real business projects through accounting, legal, marketing and educational support.
TUZ Ventures is an early stage technology venture capital fund located in Central Asia. The aim of the fund is to catch the large-scale transformations to happen in the region with the support of the China’s "Belts and Ways" initiative. TUZ is expected to work closely with world-class entrepreneurs and a diverse team of experienced venture capitalists and local experts to unleash their potential and use this huge tailwind to create truly global companies.
It was founded by Silicon Valley entrepreneurs with a successful track record of pioneers in untouched border markets like Indonesia and Nigeria, while others ignored these markets. The founders of TUZ had extremely successful stories, and they created a loyal LP base in the USA, Europe, Southeast Asia and Africa, where the Savannah Fund provided 33% of the IRR.
“TUZ believes that a healthy technology startup ecosystem requires three powerful pillars: startup founders, investors, and intermediaries. We see great potential in the Uzbek founders of startups, which are supported by the tremendous efforts of IT Park to develop the ecosystem. We are pleased to be part of this process, attracting international experience and capital to use this potential. We want to be effective and start by presenting an in-depth analysis to all interested parties, ” said Fabio Ribeiro and Herve Edongo,” - co-founders of TUZ Ventures.
IT Park Uzbekistan strives to create a competitive startup ecosystem in Uzbekistan. IT Park Uzbekistan provides an organizational platform with a set of innovative tools and new approaches to accelerate economic transformation, accelerate the growth of the IT industry, create new jobs and attract local and foreign investments.
This partnership with the TUZ Ventures Foundation is deemed to have fundamental importance for IT Park to accelerate and implement its innovative strategy for the development of the startup ecosystem in Uzbekistan.