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IT-Park
IT-Park is Uzbekistan's state-backed tech investment vehicle, running venture programs and a residency-based tax-free zone for startups in Tashkent.
IT-Park
IT-Park was established under Uzbekistan's Ministry of Information Technologies and Communications to accelerate the country's digital transition through venture funding and ecosystem development. The entity functions as a hybrid state fund, financing startups that locate within its Tashkent technology park while also distributing state grants and operating incubator programs for university spinouts. Wealth originates from Uzbekistan's sovereign budget, deployed via development-bank style mechanisms rather than a single-family or founder pool. The firm targets pre-seed through Series A technology companies, concentrating on enterprise software, financial technology, and AI/ML applications with export potential to neighboring Kazakhstan, Kyrgyzstan, and beyond. Its structure favors residency-linked investments: portfolio companies incorporate within the IT-Park zone in exchange for equity, zero corporate tax, and customs exemptions on imported equipment. Known deployments include domestic payroll and logistics platforms serving Uzbekistan's state-owned enterprises and a growing number of remote-work platforms targeting Russian-speaking diasporas. The fund co-invests alongside the International Finance Corporation and private VCs entering the Central Asian market. IT-Park anchors a cluster of over 100 tech companies operating inside the Tashkent innovation zone. While total AUM and deployment figures remain unpublished, its role as Uzbekistan's sole dedicated tech fund gives it outsize influence on the national startup pipeline. The firm also manages adjacent grant programs for female founders and rural tech hubs in Samarkand and Fergana Valley, funded in part by World Bank digital-inclusion tranches. In 2023 Uzbekistan's parliament expanded IT-Park's mandate to include direct equity investments, formalizing what had previously been a grants-only posture. Structurally, IT-Park is distinct as a government venture office that doubles as a real-estate operator and regulatory sandbox. This bundled model — invest, house, and deregulate — mirrors Israel's early Yozma fund but with deeper state ownership and a narrower geographic focus. Any startup seeking Uzbekistan's reformed tech tax status must engage IT-Park as gatekeeper, giving the firm a sourcing pipeline no private competitor can replicate.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
Asia
Country
Uzbekistan
City
Tashkent
Corporate office
Tashkent, Uzbekistan
Sector focus
Frequently asked questions
Who runs investment decisions at IT-Park?
Operational leadership changes periodically under the Ministry of Information Technologies and Communications, which retains final authority over strategy. Day-to-day management and venture selection fall to a CEO appointed by presidential decree, supported by sector desks for fintech, enterprise software, and services. The current leadership roster is not publicly consolidated in a single source, reflecting state-entity opacity rather than deliberate secrecy.
Is IT-Park structured as a state fund or does it operate like a venture firm?
IT-Park functions as a hybrid: it is a state-owned entity that makes venture investments, manages a tax-free economic zone, and distributes government innovation grants under one roof. Its legal form derives from a 2017 presidential resolution establishing technology parks as independent state enterprises with own-balance-sheet authority. This allows it to sign term sheets and hold equity, but mandates social-welfare reporting to the ministry alongside financial return metrics.
Does IT-Park participate in fund commitments or only direct deals?
IT-Park primarily executes direct investments on its own balance sheet rather than committing as an LP to external funds. It has, however, partnered on co-investment facilities with World Bank digital-inclusion programs and the International Finance Corporation, functioning as local pipeline and compliance partner rather than passive fund investor.
What investment stages does IT-Park typically target?
The firm targets pre-seed through Series A, concentrating capital at the earliest stages where domestic startups lack alternative institutional capital. Resident startups typically receive a combination of seed equity and infrastructure subsidies in exchange for Uzbekistan incorporation. Later stages may involve follow-on co-investment alongside international VCs entering Central Asian market entry deals.
Which sectors does IT-Park explicitly avoid?
IT-Park does not invest in weapons, gambling, or alcohol — standard exclusions for a state entity in a Muslim-majority country. Its technology mandate also implicitly excludes brick-and-mortar retail, heavy manufacturing, and extractive industries, steering capital toward digital services, enterprise software, and business-process outsourcing for export markets.
How does IT-Park source deal flow?
Sourcing is structurally unique: any foreign or domestic tech company seeking Uzbekistan's zero-corporate-tax status and simplified visas must incorporate and operate within the IT-Park zone, making the firm the default intake point for virtually all institutional startup activity in the country. Additional deal flow comes from university partnerships, state-enterprise digitalization mandates channeled through the ministry, and diaspora founders returning from Moscow and Dubai tech hubs.
What is IT-Park's known posture on co-investments alongside external GPs?
IT-Park has engaged in co-investment with World Bank Group entities and regional development banks on digital-inclusion and skills programs, but does not regularly syndicate with private venture capital firms. For international VCs entering Uzbekistan without local incorporation, IT-Park serves as compliance and residency gateway rather than co-GP, enabling foreign capital deployment into resident startups through parallel-track structures.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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