Uzcard launches Uzbekistan's first corporate venture capital fund
Payments technology company Uzcard has announced the launch of Uzcard Ventures, the first corporate venture capital (CVC) fund in Uzbekistan, earmarking $1 million to invest in promising technology startups.
Alongside Uzcard Ventures, the company also announced the create of a new accelerator program that will aim to support fintech innovation by local and foreign startups, focusing on companies applying new technologies like big data, artificial intelligence, biometrics, and blockchain to create better financial and payments solutions.
An initial cohort of 15 startups will be provided mentorship and access to specialists that will help in product development and business strategy. These startups will then be able to apply for investment from Uzcard Ventures, which is mandated to invest both in companies that passed through the accelerator as well as external startups.
Uzcard executives highlighted the launch of the new fund as part of the company’s contribution to Uzbekistan’s national strategy for digitalisation, known as “Digital Uzbekistan 2030.
“We will support technology entrepreneurs in the format of open innovation in order to provide them with the clear competitive advantages in both the local market and for entering global markets through our partners,” said Farrukh Ziyayev, General Director of Uzcard.
The fund's investment strategy will see Uzcard Ventures take minatory stakes in seed stage and growth stage startups, selected for their potential to scale and synergy with new business areas in the Uzcard ecosystem.