The state-owned "Uzpromstroybank" has established its own venture company, according to a statement from the financial organization.
SQB Capital, a subsidiary of "Uzpromstroybank," has founded the venture fund LLC SQB Ventures. The formation of its charter capital will occur in stages, depending on the approved projects.
"SQB Ventures will provide not only financial support but also assistance in developing business strategies, building efficient management models, and entering the market. As a result, entrepreneurs and young startups will have the opportunity to implement their ideas and grow their businesses," the statement reads.
"Uzpromstroybank" expects that this initiative will create new jobs in the mahallas, increase the income level of the population, and expand the scope of small and medium-sized enterprises. It also highlights the "important role" of venture financing in the state bank's development strategy up to 2026.
Additionally, at the end of 2024, the supervisory board of "Aloqabank" decided to establish Aloqa Ventures-2. Significant details regarding changes to the lists of subsidiaries and affiliates were published on January 30 on the Unified Corporate Information Portal. This marks the second venture fund of the state bank— the first, Aloqa Ventures, was established in 2021.
In December 2024, a venture fund with a capital of $10 million, IT Park Ventures, began operations at IT Park. Priority sectors for the investment fund will include AI, fintech, green solutions, and game development.
In the same month, Shavkat Mirziyoyev held a meeting regarding the banking sector's role in poverty reduction. State banks were tasked with creating venture funds to allocate up to $50 million to local startups.
This week, seven state banks established the venture fund United Ventures with a capital of $40 million. The general director of the joint investment fund is former co-head of Sug’urta Bozor, Azizbek Kurbonov.
Previously, Spot reported that a new fund would be created to finance pharmaceutical startups.