IT Park Ventures, South Korean SparkLabs Group Management, and Mirae Asset Venture Investment have signed preliminary terms for the establishment of the international SparkLabs Mirae Silk Road Fund I LP. The documents were formalized on September 15 in Seoul during the visit of Uzbekistan's President Shavkat Mirziyoyev to South Korea. The initial capital of the fund will be $2 million, with plans to increase it to $10 million in the future.
The investment strategy will focus on mature technology startups in Central Asia and Uzbekistan, at Series A stage and above. IT Park Ventures is considering becoming the anchor limited partner of the fund. Investments and participation of the parties will be carried out in stages after the necessary legal and regulatory procedures and corporate approvals.
The project participants intend to jointly seek promising companies, help them enter international markets, and attract cross-border investments. In addition, SparkLabs plans to open an office within IT Park in Tashkent, which will be responsible for scouting projects and supporting the fund's activities in Central Asia.