Startup Funding in Central Asia & Caucasus

Largest international tech hub in Central Asia; advertises tax incentives to registered participants, with conditions set by Kazakh law and published on its own site.

Launched 31 May 2024 as the venture arm of Astana Hub. Does not publish cheque or fund size.

Offices in Miami, Kazakhstan and Singapore, so a Central Asian founder gets a US and Southeast Asian network alongside the cheque.

Reported founded September 2019. One of the few funds explicitly covering the smaller Central Asian markets rather than Kazakhstan and Uzbekistan alone.

One of the earliest private venture funds in Central Asia, part of the MOST Holding ecosystem.

Has run corporate venture activity with BI Group.

QazTech Ventures, which had partnered with US managers including 500 Startups, joined QIC (then Kazyna Capital Management) in June 2022.

National hub of Uzbekistan's startup ecosystem, with incubation/acceleration programs and both government and private venture funds.

Has co-invested at seed alongside Sturgeon Capital; national fund-of-funds anchoring Uzbekistan's VC ecosystem.

Targets early-stage AI, fintech, SaaS and deeptech startups with an in-house accelerator.

State-backed fund for young Uzbek founders under the Youth Affairs Agency, reporting 27+ portfolio companies and $1.47M+ deployed from a fund doubled to $20M.

Reported founded September 2021. Its site shows 50+ portfolio companies and accepts applications from founders directly.

Founded 2022. States $5M+ under management and 10 active portfolio companies.

One of the region's most competitive IT tax regimes, hosting a large resident community of export-focused tech companies.

AKDN-backed and co-financed by the European Commission, USAID, GIZ, SECO, UNICEF and the World Bank.

Takes up to 6 teams per intake, with an operating partner working alongside the founders two to three days a week.

AKDN-backed regional SME investor pairing incubation with patient financing.

Opened 7 April 2025. What it offers is a tax-privileged base and workspace, not a cheque.

Azerbaijan's first venture capital fund, backed by PASHA Holding and the state Innovation and Digital Development Agency.

Established by Presidential Decree in 2021; a co-founder of Caucasus Ventures.

One of Azerbaijan's longest-running accelerators (founded 2015).

States 150 startups have gone through the centre and 4 were acquired by foreign investors.

Baku innovation center with incubation, acceleration and a venture studio, plus SABAH.fund, a fund for South Caucasus, Central Asia and MENA founders.

Partners with Bank of Georgia and 500 Global on the Georgia Startup Academy accelerator.

Active since 2021. Reported to have over 100 angel investors and 30+ investment deals.

Reported three pre-accelerator cohorts with 60 startups since 2021, whose teams secured over EUR 1 million in investment and grants.

Backed by a 500 Eurasia fund launched with Bank of Georgia and GITA in 2022.

Positions itself as the first VC firm to back startups leveraging Armenia as an emerging tech hub.

Established in 2002 with World Bank support and helped launch Granatus Ventures, the first Armenian VC fund, in 2013.

States 42 portfolio companies since 2018, 16 of which raised Seed or later after its pre-seed.

Founded 2021. Portfolio includes 10Web, EasyDMARC, BlueQubit, DeepSat and Docus.

Founded 2017. States 121 companies through its programs, 91 graduated and $10M+ raised by alumni.

Reported as Armenia first angel investor network, founded 2017. Its site does not publish typical cheque sizes or member numbers, so ask directly.

Oriented to researchers and science-intensive ventures rather than general startups. Grants fund research teams, not commercial traction.