IT Park Ventures invests in six Uzbek tech startups

A delegation from IT Park Uzbekistan visited Germany from September 15 to 17. During the visit in Berlin, the Digital Uzbekistan event was held, and in Wiesbaden, the delegation participated in industry summits.

Representatives of Uzbek startups demonstrated their technological solutions to German companies and potential partners, discussing opportunities to enter the German and other European markets, according to IT Park Uzbekistan.

Digital Uzbekistan Event in Berlin

On September 15, the Digital Uzbekistan event took place at the Embassy of Uzbekistan in Germany. It gathered representatives of the German business and technology community. Participants were presented with the activities of IT Park Uzbekistan, the opportunities within Uzbekistan's technological ecosystem, as well as promising directions for cooperation with local startups and IT companies.

Startups Moneff, Geomotive, and OX Group presented their technological developments to German business and technology organization representatives. Among those present were companies such as Deloitte, Cambridge Innovation Center (CIC), Start2 Group, German Accelerator, Delivery Hero, Voltscape, Bergstone, BRAYHT, and others.

Furthermore, possible formats for interaction between IT Park Uzbekistan, Uzbek startups, and German partners were discussed at the event.

One of the key outcomes of the meeting was the signing of a memorandum of understanding between IT Park Uzbekistan and the Cambridge Innovation Center (CIC). This international organization is involved in developing innovative ecosystems by bringing together startups, investors, technology companies, and other industry participants. The memorandum aims to strengthen partnerships and expand international opportunities for technology companies from Uzbekistan.

Business Mission in Wiesbaden

The business mission continued in Wiesbaden on September 16–17. There, the delegation participated in two events organized by IT Park Uzbekistan's partner—the Schwarz Digits Partner Summit and the Cloud X Summit, which was held by STACKIT.

During meetings with Schwarz Digits, the parties discussed prospects for promoting Uzbek startups through the company's digital platforms, marketplace, and acceleration programs. Representatives of Moneff, Geomotive, and OX Group once again presented their solutions and discussed mechanisms to support their entry into the German and European markets.

Meetings were also held in Wiesbaden with representatives from Capgemini, Adesso, Materna, Rewion, and Protiviti. Potential areas of cooperation in the field of technological services, digital solutions, and interaction with companies in the IT Park Uzbekistan ecosystem were discussed.

The visit to Germany contributed to the realization of IT Park Uzbekistan's efforts to expand international ties for Uzbek technology companies. The startups had the opportunity to directly present their solutions to potential partners, establish new business contacts, and discuss practical steps for entering the European market.

A meeting was held in Tashkent, Uzbekistan, between IT Park Uzbekistan and EAST GAMES to discuss the further development of the company, support for the Uzbek gaming industry, and expanding the export opportunities of local studios.

IT Park Uzbekistan stated that this meeting is part of the organization's efforts to support participants and facilitate their entry into international markets. The CEO of IT Park Uzbekistan, Azamat Karamatov, and representatives of EAST GAMES reviewed possibilities for implementing new projects, developing the GameDev industry, and strengthening the presence of Uzbek companies in foreign markets.

The parties noted the growing significance of GameDev not only as a field of creative industries but also as a promising sector for exporting digital products and entering new international markets. Special attention was paid to measures to support the further development of EAST GAMES, including assistance with launching new projects and the company's international expansion.

The necessity of creating a system to support GameDev projects at all stages—from incubation and acceleration to preparing teams to work with publishers and investors—was also discussed. The parties considered additional mechanisms that would allow early-stage studios to test their products, assess market potential, and prepare for scaling.

Another area of discussion was increasing the export opportunities for local game development companies and their participation in international exhibitions, conferences, and business missions. In this context, the parties discussed possibilities for supporting EAST GAMES' participation in international events and expanding the company's interaction with foreign partners.

Attending such events can help establish new contacts with foreign partners, publishers, and investors, promote products created by Uzbek studios on global markets, and identify new business prospects. Furthermore, the parties discussed finding promising game development teams operating in the regions of Uzbekistan and including them in IT Park Uzbekistan's support programs.

Following the meeting, IT Park Uzbekistan and EAST GAMES defined areas of cooperation for developing the GameDev ecosystem, expanding export opportunities for local companies, and preparing studios for entry into international markets. The parties intend to continue cooperating to support the development of EAST GAMES, expand its export activities, and promote GameDev products created in Uzbekistan on the global market.

IT Park Ventures, along with SparkLabs Group Management from South Korea and Mirae Asset Venture Investment, signed a Term Sheet to establish an international venture fund named SparkLabs Mirae Silk Road Fund I LP.

The document signing took place on September 15 in Seoul during the visit of Uzbekistan President Shavkat Mirziyoyev to South Korea. Deputy Minister of Digital Technologies of Uzbekistan, Jamol Tillovevich Makhsudov, was present and witnessed the signing of the Memorandum of Understanding (MoU) and the Term Sheet.

According to preliminary terms, the initial capital of the joint fund will be $2 million USD, with the possibility of increasing it up to $10 million USD. The investment strategy will focus on mature startups at Series A and later stages.

IT Park Ventures is considering participating in the fund as an anchor limited partner (anchor LP). Participation is expected to occur in phases after completing necessary legal and regulatory procedures, as well as obtaining relevant corporate approvals.

The fund is planned to focus on Central Asia and Uzbekistan. The parties intend to jointly identify and evaluate promising technology companies in the region, assist them in entering international markets, promote cross-border cooperation, and integrate them into the global investment ecosystem.

As part of this cooperation, the opening of a SparkLabs office in IT Park in Tashkent is also planned. This office will support the fund's activities in Central Asia, assist in identifying promising projects, and develop interaction with IT Park Ventures.

SparkLabs is a South Korean platform specializing in startup acceleration, venture investment, and international scaling. The company operates through a network of mentors, investors, and corporate partners. Its partners include Google for Startups, Samsung, Mercedes-Benz Korea, KAIST, and KISED. SparkLabs' presence spans South Korea, Australia, Taipei, Saudi Arabia, and the United States.

Mirae Asset Financial Group was founded in South Korea in 1997. The group engages in asset management, investment banking, venture investments, and global financial services. Its operations are conducted through 67 international offices in 21 countries and regions, managing assets worth several billion US dollars.