is a new fund poised to make a significant impact on the burgeoning startup ecosystems of the Middle East & North Africa (MENA) and Central Asia. The fund is dedicated to backing bold founders who are building transformative technology companies, aiming to empower visionary entrepreneurs challenging the status quo and shaping the future of industries.
The fund is spearheaded by andMukhammad Khalil is a co-founder of Mohirdev with 10 years of experience, particularly in EdTech, and the founder of Startup Garage, a leading venture studio in Uzbekistan. He brings expertise in venture building, startup ecosystem development, and scaling startups regionally and globally.
Tohir Mirzajonov, a VC at DTA, contributes his extensive experience in finance, business development, and analytics, having deployed over $20M in startups globally. He is also a Partner at Startup Garage MENA and is focused on scaling startups beyond Uzbekistan into MENA and global markets. Both partners are passionate about connecting entrepreneurs with funding, mentorship, and growth opportunities.
Imkon Venture targets early-stage startups, specifically at the Pre-Seed and Seed stages, with check sizes ranging from $50K to $150K per company. The fund plans to build a portfolio of 20-25 startups. Geographically, the investments will be split with 60% allocated to Central Asia and 40% to MENA, focusing on startups with cross-border scalability potential.
The fund’s core thesis revolves around the significant market opportunity in MENA and Central Asia – regions characterized by high growth but relatively undercapitalized startup scenes. Despite increasing digital adoption, government support, and rising VC interest, early-stage capital remains limited. Imkon Venture aims to address this gap, noting that a lack of institutional capital at early stages leaves high-potential startups underfunded and fragmented ecosystems make scaling difficult.
Imkon Venture believes that “early investors in these markets have a first-mover advantage before valuations rise”. Their approach is to “invest in B2B, fintech, SaaS, AI, and deep tech with clear scalability” and leverage their network to help startups expand across these key emerging markets.
Exclusive Access: Strong deal flow is anticipated through partnerships with entities like the Qatar Development Bank ($150M fund) and Startup Garage in Uzbekistan, providing direct access to top early-stage startups in MENA and Central Asia. Their existing network from over 25 investments ensures high-quality deal flow.
Strategic Ties: The fund is backed by government funds like Qatar Development Bank, AloqaVentures, and UzVC, alongside corporate VCs and leading accelerators. It positions itself as a bridge, helping startups scale across both ecosystems.
Focus on overlooked markets: by targeting high-growth sectors in regions with limited VC competition, Imkon Venture aims for lower valuations and higher upside potential.
Hands-On Approach: Beyond capital, the fund offers active support in fundraising, scaling, market expansion, and investor access.
