In a groundbreaking development for Central Asia's tech landscape, Uzbekistan's first unicorn, Uzum, has achieved a staggering $1.5 billion valuation following a recent funding round. The e-commerce and fintech platform secured $65.5 million in equity financing, marking a significant milestone for the region's startup ecosystem.
The funding round was co-led by China's tech giant Tencent and New York- and London-based VR Capital, with additional participation from U.S.-based FinSight Capital. This investment underscores growing international interest in Uzbekistan as a promising hub for tech innovation, bridging the gap between East and West.
Founded in 2022, Uzum has rapidly expanded its digital ecosystem, offering online shopping, financial services, and food delivery solutions. The platform's ability to cater to diverse consumer needs has positioned it as a leader in Uzbekistan's fast-growing market, doubling its size in just two years.
The fresh capital is expected to fuel Uzum's ambitious expansion plans, enhancing its fintech platform and scaling its e-commerce operations across the region. This move aligns with Uzbekistan's broader economic reforms aimed at fostering technological advancement and attracting foreign investment.
Uzum's rise to unicorn status, first reported in 2024, highlights the untapped potential of Central Asian markets. As the company continues to grow, it serves as an inspiration for other regional startups, proving that innovation can thrive even in emerging economies.
With this latest funding, Uzum is poised to redefine the digital landscape in Uzbekistan and beyond. Industry experts are keenly watching how the company will leverage its resources to solidify its position as a trailblazer in the global tech arena.
Andrew Lee
