Uzbekistan's startup ecosystem has grown quickly in recent years: venture funds, angel investors, state programmes and accelerators have appeared. The founders' question is the same as ever: where does investment come from, and how is it raised? This guide answers it step by step, drawing on the experience of the 56 startups that came through UzCombinator.
The stages of investment
| Stage | Where the startup is | Who invests | Typical amount |
|---|---|---|---|
| Pre-seed | Idea, prototype, first users | Founders, friends, angels, an accelerator | $10,000 - $100,000 |
| Seed | A working product, first revenue | Angels, seed funds | $100,000 - $1,000,000 |
| Series A | Proven growth, a clear model | Venture funds | $1,000,000 and up |
Most startups in Uzbekistan are at pre-seed or seed. That is exactly where an accelerator helps most: it brings the startup to the point where an investor wants to see it.
What an investor looks at
Four things investors and fund partners (AloqaVentures, among others) repeat in every session:
- The team. At the early stage it is not the idea that is judged but the people who will build it: who can do what, why this problem, why now.
- Traction. Users, revenue, growth rate. A small number that is growing is worth more than a big promise.
- Market size. How many people have the problem, and what they will pay.
- Readiness. A pitch deck, a financial model, a clean cap table, legal paperwork in order. Due diligence looks at exactly these.
Valuation and equity
Valuation is what the company is worth at the moment of investment. If an investor puts in $100,000 for 10%, the company is valued at $1,000,000 post-money. The founders' key question is how their stake shrinks in later rounds (dilution). The site's valuation calculator shows how a round size, a valuation and the founders' remaining stake move together.
Sources of investment in Uzbekistan
- Venture funds: Yoshlar Ventures, AloqaVentures, MOST Ventures, SilkBridge Ventures, Imkon Ventures, SQB Ventures, IT Park Ventures - most of them UzCombinator partners who attend Demo Day.
- Angel investors: clubs such as CS//Angels and individual investors.
- State programmes: support programmes of the Youth Affairs Agency and IT Park.
- An accelerator: UzCombinator - a 45-day programme, a $1,000 stipend, mentors and Demo Day.
How Demo Day works
Demo Day closes the accelerator programme: every startup pitches for a few minutes in front of a hall of investors. At UzCombinator's first Demo Day the startups raised a total of $975,000. Alumni include Flow, which received an $80,000 investment offer from Yoshlar Ventures, and Between, which raised $80,000.
Preparation runs through all 45 days: pitch practice every week, feedback from mentors, getting the numbers right. That preparation is what separates Demo Day from an ordinary meeting.
Practical advice
- Find first customers before asking for money - traction beats any presentation.
- Build the cap table properly from the start: clear founder stakes, vesting agreed.
- Keep investors informed continuously, not once - a short monthly update earns trust.
- Join an accelerator: you are in front of investors in weeks, not months.
The investor list and Demo Day results are on the investors page.