Qazaqstan Investment Corporation, IT Park Ventures, Mirae Asset Venture Investment, and SparkLabs Group have signed a term sheet to establish SparkLabs Mirae Silk Road Fund I LP. The agreement was finalized in Seoul during state visits by the presidents of Kazakhstan and Uzbekistan and the first Central Asia-Republic of Korea Summit. The new venture capital fund will support scaling startups across Central Asia and connect them with international growth opportunities.
A Landmark Agreement During High-Level Diplomacy
The signing took place during a period of intensifying economic ties between South Korea and Central Asia. South Korea and Kazakhstan agreed commercial deals worth US$18.95 billion in the same week. Kazakhstan, with 20 million people, is a leading producer of oil, gas, iron, and silver, while Uzbekistan has 39 million residents and is Central Asia's largest electricity producer.
Investment Focus on AI-Native Companies
SparkLabs Mirae Silk Road Fund I LP will target Series A and later startups that have proven business models and are ready to scale beyond Central Asia. The fund is sector-agnostic but will prioritize AI-native companies where artificial intelligence sits at the core of the product and business model. Aslan Sultanov, Co-founder and General Partner at SparkLabs Mirae Silk Road, said the rise of Higgsfield as Kazakhstan's first unicorn proved that world-class AI companies can emerge from the region.
Regional Momentum and Global Networks
Sultanov noted that more than half of the region's population is under 30 and digitally native, while governments are actively investing in artificial intelligence. He added that Central Asia remains largely overlooked by international investors, which the fund views as a significant opportunity. Beyond capital, portfolio companies will receive access to SparkLabs and Mirae Asset global networks and support for expansion into South Korea, the United States, and the MENA region.
Recent Signals of Growth
The fund arrives as Central Asia's technology landscape shows new signs of global relevance and investor curiosity. Former Coinbase CTO and Andreessen Horowitz partner Balaji Srinivasan reopened his Network School in Kazakhstan last month. Telegram also launched an AI lab and opened its first regional office in Kazakhstan during the past year, reinforcing the region's appeal for technology talent.
Institutional Backing and Regional Ambition
Qazaqstan Investment Corporation serves as Kazakhstan's national fund of funds and is an anchor investor alongside IT Park Ventures, the venture arm of Uzbekistan's state technology park. The partnership brings together public and private investment institutions with deep regional reach and international operating experience. Together the anchors aim to attract long-term capital into the two countries and develop a more connected Central Asian startup ecosystem.
Partner Expertise
SparkLabs Group has invested in over 600 startups across six continents since 2013, including OpenAI, SpaceX, Anthropic, Lyft, and Kraken. Mirae Asset Venture Investment is the venture capital arm of Mirae Asset Financial Group, which manages over US$845 billion in assets across 18 markets. QIC participates in 19 funds with a combined capitalization of US$2.8 billion, while IT Park Ventures supports Uzbek and Central Asian founders with capital and international connections.
The establishment of SparkLabs Mirae Silk Road Fund I LP marks a milestone for Central Asia's startup ecosystem. It combines regional public investment institutions with global venture capital expertise to address a clear funding gap for scaling companies. The fund is positioned to help promising Central Asian AI and technology startups expand into new international markets while attracting greater investor attention to the region.