SparkLabs Group and Mirae Asset Venture Investment are establishing a new $10M fund targeting Series A and later-stage startups in Central Asia, with a strong focus on AI-native companies. The fund will provide support for international expansion, with Kazakhstan's Qazaqstan Investment Corporation and Uzbekistan's IT Park Ventures as anchor investors.
TL;DR
- SparkLabs and Mirae Asset launch $10M fund for Central Asia's AI startups, with support for global expansion.
- Kazakhstan's QIC and Uzbekistan's IT Park Ventures join as anchor investors.
- Fund targets companies ready to scale, with AI-native businesses as a key focus.
What happened
SparkLabs Group and Mirae Asset Venture Investment have signed a term sheet to establish the SparkLabs Mirae Silk Road Fund I LP, targeting Series A and later-stage startups in Central Asia. The fund, with an initial capital of $2M and potential to grow to $10M, will focus on AI-native companies with proven business models ready to expand internationally.
Kazakhstan's Qazaqstan Investment Corporation (QIC) and Uzbekistan's IT Park Ventures will participate as anchor investors. The agreement was signed during state visits by the presidents of Kazakhstan and Uzbekistan to South Korea, coinciding with commercial agreements valued at $18.95B between South Korea and Kazakhstan.
Why it matters
The fund provides a significant boost to Central Asia's startup ecosystem, offering capital and support for international expansion into markets like South Korea, the US, and the MENA region. This is particularly valuable for AI startups, which face limited international venture investment compared to more established tech markets.
For investors, the fund presents an opportunity to tap into Central Asia's growing tech scene, with a focus on AI-native companies. The region's young population and government investments in AI make it a promising market for tech innovation and growth.
Key facts
- Fund name: SparkLabs Mirae Silk Road Fund I LP
- Initial capital: $2M, with potential to grow to $10M
- Target startups: Series A and later-stage, with a focus on AI-native companies
- Anchor investors: Kazakhstan's Qazaqstan Investment Corporation and Uzbekistan's IT Park Ventures
- Fund managers: Mirae Asset Venture Investment and SparkLabs
- Regions for expansion support: South Korea, the US, and the MENA region
- SparkLabs' investment portfolio: Over 600 startups across six continents since 2013
- Mirae Asset Financial Group's assets under management: Over $845B across 18 markets
Context
Central Asia is increasingly becoming a hotspot for tech innovation, with governments investing in AI and digital infrastructure. Kazakhstan, for instance, has seen the rise of its first unicorn, Higgsfield, an AI video generation company. Uzbekistan has also been developing its tech and digital asset framework through initiatives like IT Park and regulated crypto mining zones.
The launch of this fund comes at a time when venture firms are directing more capital toward companies that combine AI with other emerging technologies. It also aligns with the trend of capital concentrating in later-stage companies, as seen in the second quarter of 2026, where later-stage crypto and blockchain startups received 78% of the capital deployed.
