Sturgeon Capital and IT Park Uzbekistan Discuss Potential for Joint Management of Venture Capital Funds and Startup Program
Representatives of IT Park, led by CEO Farkhod Ibragimov, held a meeting with investment company Sturgeon Capital, represented by Robin Butler, Partner and Head of Impact, and Alijon Ravshanov, Partner and Head of Uzbek Operations.
Sturgeon Capital is a prominent venture investment company specializing in early-stage startup support across emerging markets. Its primary geographic focus encompasses Bangladesh, Central Asia, Egypt, Pakistan, and neighboring developing economies, characterized by nascent technology ecosystems and a shortage of venture capital needed to drive the development of digital solutions. Sturgeon Capital’s principal markets are estimated to generate approximately $300 billion in annual revenue.
Beyond financial investment, Sturgeon Capital provides support to founders not only financially but also by connecting startups with venture partners and advisors to help address challenges and facilitate business scaling. Through its network of venture partners and investors, Sturgeon Capital offers financial stability to portfolio companies at advanced stages, from Series C and beyond, fostering the development of the next generation of leading regional and global brands.
Investments made by Sturgeon Capital in Uzbek startups include:
- ZoodMall ZoodPay — $7,000,000
- Billz — $300,000
- Arzon Apteka — $1,300,000
- Finmedia — $150,000
- Zip24 — $500,000
- Oasis Credit — $2,000,000
The total investment in local startups exceeds $10 million.
During the meeting with Sturgeon Capital, the parties discussed a wide range of opportunities for mutually beneficial cooperation aimed at strengthening the venture ecosystem in Uzbekistan. A central area of focus was the examination of the potential for the joint management of IT Park’s venture fund. This direction could stimulate the growth of innovative startups across the country. Attendees emphasized that the establishment of such funds would provide access to strategic investments and facilitate capital attraction essential for the rapid growth of technology companies operating in Central Asia's emerging markets.
Additionally, the dialogue addressed the prospect of launching collaborative training and acceleration programs designed to support local startups and IT professionals. Participants underscored the significance of these programs in accelerating entrepreneurial skill development, knowledge transfer on global trends and technologies, and strengthening Uzbekistan’s competitive position in the international arena.
The meeting reflects a mutual interest in fostering the partnership between IT Park and Sturgeon Capital to support startups and develop venture capital within Uzbekistan. These efforts are anticipated to draw international investment while cultivating conditions for the emergence of competitive, technologically advanced companies in the market. This collaboration opens new avenues for reinforcing the startup ecosystem, establishing a foundation for sustained long-term growth, as well as contributing to job creation and enhanced prosperity for the people of Uzbekistan.
2024-10-30