SparkLabs and Mirae Asset Launch Central Asia VC Fund

SparkLabs Group and Mirae Asset Venture Investment have initiated a new venture capital fund named SparkLabs Mirae Silk Road Fund I LP, focused on supporting startups in Central Asia. The agreement was signed during the state visits of the Presidents of Kazakhstan and Uzbekistan to South Korea, highlighting the growing interest in the region's tech ecosystem.

The fund will invest in Central Asian startups at the Series A stage and beyond, targeting businesses with established models ready to scale internationally. Although the fund is sector-agnostic, it emphasizes support for AI-native companies, which prioritize artificial intelligence as a core component of their products and business strategies.

Aslan Sultanov, Co-founder and General Partner at SparkLabs Mirae Silk Road, noted that the emergence of AI companies like Higgsfield, Kazakhstan's first unicorn, demonstrates the potential for world-class tech firms in Central Asia. He emphasized that the region, with over half its population under 30, is increasingly digital-savvy and presents significant opportunities for investors.

The fund's backing comes from key players including the Qazaqstan Investment Corporation (QIC) and IT Park Ventures, both of which are committed to enhancing the investment landscape in Kazakhstan and Uzbekistan. QIC acts as Kazakhstan's national fund of funds, while IT Park Ventures focuses on nurturing the country's tech industry.

In addition to capital, startups that secure funding from this new venture capital initiative will gain access to SparkLabs and Mirae Asset's extensive global networks. This support is expected to help their expansion into major markets, including South Korea, the United States, and the MENA region.

The launch of this fund aligns with broader efforts by South Korea and Kazakhstan to strengthen economic ties, evidenced by recent commercial agreements worth nearly $19 billion. This context highlights the importance of fostering innovation and investment in Central Asia's burgeoning tech sector.

This announcement was made public via PR Newswire.

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