_BIOGRAPHY Born in the UK to Iranian parents, Kiyan Zandiyeh developed a passion for emerging markets through regular travels to Iran. He began his career working with the renowned economist Nouriel Roubini, leading research and strategy in frontier economies. With over 10 years of investment experience, he has led numerous successful seed investments, helping build market-leading companies while identifying the long-term potential of technology to transform underserved regions.

“AT A TIME WHEN INVESTORS ARE SEEKING RESILIENT MARKETS WITH DIVERSIFICATION OPPORTUNITIES, UZBEKISTAN STANDS OUT AS A SHINING STAR.”

UZBEKISTAN IS ATTRACTING GROWING ATTENTION FROM INTERNATIONAL INVESTORS. WHAT MAKES IT SUCH A COMPELLING DESTINATION RIGHT NOW?

The logic behind the countries we choose to invest in is consistent. We focus on economies that are actively working to increase private sector participation, often from a low base. This creates an abundance of opportunities for investors like us. Uzbekistan fits this criterion well. Since 2017, the Mirziyoyev administration has introduced wide-ranging reforms that are substantial—even when compared to more developed countries, as judged by GDP per capita.

Another key factor is a structurally strong national balance sheet. Uzbekistan exemplifies this. Across government, corporate, and household levels, total debt to GDP is just 34%, which is relatively low. This allows the country to inject liquidity into the system without destabilizing its macroeconomic position—stimulating growth in a way similar to a company boosting both revenue and margins. Reserves of gold and foreign currency also exceed 40% of GDP. While we expect a 5–10% annual currency depreciation, the probability of a sudden and severe devaluation is low—an important consideration for long-term US$-based returns.

Demographics further strengthen the case. Around 60% of the population is under 30 and the literacy rate is extremely high, especially in STEM fields. This demographic dividend provides a sustained tailwind in contrast to aging populations seen elsewhere. Uzbekistan, in our view, has all the raw ingredients for foreign investors—whether financial or strategic—to find compelling and scalable opportunities.

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HOW HAS THE VC ECOSYSTEM EVOLVED IN THE REGION, AND WHAT IS YOUR VISION FOR UZBEKISTAN?

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When Sturgeon began investing in Central Asian startups in 2019, the venture ecosystem was virtually non-existent. Entrepreneurs who were building real solutions to everyday challenges received little attention from the government or corporates. Six years later, the picture has changed completely.

Startups and venture capital are now central to government policy—particularly in Uzbekistan, where the IT Park has done an excellent job laying the foundation for a broader ecosystem. The government-backed UzVC fund was the first to support very early-stage companies, while more recently, Aloqa Ventures has emerged as an important catalyst for growth. The private sector is also becoming more active—Startup Garage now operates in every region of the country.

Looking ahead, deepening intra-regional ties will be critical. Uzbekistan’s IT Park and Kazakhstan’s Astana Hub are already collaborating and presenting Central Asia as a unified innovation region. This matters because no single market in the region is large enough on its own to capture sustained international attention.

But as a bloc, Central Asia can offer the scale and opportunity to support billion-dollar businesses—much like Türkiye, Brazil, or Indonesia have done over the past decade. Attracting international capital and expertise is crucial to help companies grow beyond Series A and bring global best practices into the region.

WHICH SECTORS IN UZBEKISTAN PRESENT THE MOST PROMISING INVESTMENT OPPORTUNITIES FOR STURGEON CAPITAL?

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We are actively exploring several sectors. Among the most promising is FinTech. While companies like TBC, Uzum, and Alif have made meaningful progress in improving access to financial services, large parts of the population still lack access to digital finance or credit.

This is particularly true for SMEs, which contribute over 60% of GDP and more than 70% of employment. Many of them lack the collateral or credit history needed for traditional lending. Government initiatives are encouraging institutional interest, and we see FinTech—along with platforms helping to digitize SMEs—as a long-term theme.

We also see untapped potential in agriculture. Uzbekistan has a deep agricultural heritage, and there’s ample room to improve productivity and yields through modern practices and technologies. Of course, success here will be tied to improvements in logistics and export infrastructure, enabling access to a wider range of markets.

In the consumer sector, especially products and services targeting children and families, opportunity is growing fast. Rising per capita income and nearly one million births per year suggest strong demand for consumer goods, with the population soon expected to exceed 40 million. The current providers in the market will not be able to meet this rising demand alone, creating space for both local and international players.

Finally, logistics—especially in the context of the Middle Corridor—is poised for significant growth. As global trade routes shift and regional cooperation improves, Central Asia is increasingly becoming a strategic connector between East and West. Both public and private investment is flowing into logistics infrastructure. We’re looking at physical assets like warehouses as well as digital enablers. One example is Cargon, a digital freight forwarder facilitating cross-border shipments for global clients like Nestlé, Mondelez, and PepsiCo.

CAN YOU SHARE INSIGHTS INTO STURGEON CAPITAL’S CURRENT INVESTMENTS IN UZBEKISTAN AND YOUR STRATEGY FOR LONG-TERM SUCCESS IN THE REGION?

We’ve made seven early-stage investments in Uzbekistan through our core funds, and nine more via UzVC. One of the key takeaways has been that investing here requires patience. The market opportunity is substantial, but it’s still early, which means companies often need to spend time educating end users.

A good example is Billz, one of our earliest investments. It has built a market-leading position in retail automation over the past seven years and now holds 30% market share among tech-enabled stores. Yet more than 80% of its leads still come from businesses that manage their operations on paper or Excel. That illustrates the long runway for growth that still exists and explains why TBC acquired a majority stake in the company in 2025.

Our latest investment in the country is a company called Geomotive, co-founded by Uzbekistan’s most experienced technology entrepreneur, Botir Arifdjanov. Botir previously founded Paynet, one of the first and largest payment operators in Uzbekistan, before building a similar business in Egypt. He returned to Uzbekistan after the reforms started, founding Lebazar, the first grocery ecommerce platform in the country, which he exited to Korzinka.

Together with co-founder Alex Khainovsky, Botir is now building Geomotive, a digital out-of-home (DOOH) automated marketplace and data-driven technology platform. It connects advertisers with screen owners, offering precise geotargeting, automated purchasing, and performance analytics for billboard campaigns. It has a database of close to 200,000 screens and has become the industry standard for analytics in Uzbekistan and Kazakhstan. The company operates in 12 countries, including Turkiye and the GCC, with marquee customers, including Pepsi, KFC, Talabat and Galatasaray.

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HOW DOES UZBEKISTAN COMPARE TO OTHER CENTRAL ASIAN COUNTRIES IN TERMS OF INVESTMENT ATTRACTIVENESS?

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Uzbekistan stands out in the region for its sheer potential. It has the largest population, a diverse economic base, and a government focused on reform. Over the past year, we’ve seen a marked increase in interest from global investors, which speaks to this momentum. That said, there’s still room for improvement, particularly in regulatory alignment.

Kazakhstan’s AIFC has set a benchmark, and it’s encouraging that Uzbekistan is working on a similar initiative in Tashkent. The collaboration with the World Bank to develop private equity and venture capital legislation is another positive development.

We’re also witnessing more cross-border movement. Georgian startups like Payze and Cargon have entered the Uzbek market with our support. At the same time, Uzbek companies such as Billz and Geomotive are expanding into Kazakhstan, the Middle East, and Pakistan. This two-way flow of innovation is vital for the region’s development and for attracting long-term capital.

WHAT SETS STURGEON CAPITAL APART AS AN INVESTMENT PARTNER IN CENTRAL ASIA?

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Sturgeon remains the only international investor with a full-time, on-the-ground presence in Central Asia. What sets us apart is the combination of deep local knowledge, institutional-grade systems, and a global investor network.

Our partnerships with organizations such as IFC, SBI Holdings, Chevron, and Qazaqstan Investment Corporation are a testament to that. These institutions rely on us to identify the best opportunities, carry out in-depth due diligence, and help portfolio companies implement the systems and governance needed to scale into national, regional, and global leaders.

WHAT’S YOUR MESSAGE TO INVESTORS CONSIDERING UZBEKISTAN?

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Spend time on the ground. Talk to people. Understand where your edge lies and define what success looks like. Remote research won’t give you the full picture. It’s also crucial to partner with someone local who understands your investment strategy—or better yet, build a local team.

In our experience, the best returns in emerging markets come from blending global perspective with local insight. And finally, commit for the long term. Ten years is a good starting point. All markets go through cycles, and if you retreat at the first sign of trouble, you’re probably not the right fit for investing in a country like Uzbekistan.