SparkLabs and Mirae Asset plan to establish a Central Asia venture capital fund

SparkLabs Group, Mirae Asset Venture Investment, Qazaqstan Investment Corporation (QIC) from the National Fund of Kazakhstan, and IT Park Ventures from Uzbekistan have signed a term sheet to establish the SparkLabs Mirae Silk Road Fund I LP venture capital fund, managed by Mirae Asset Venture Investment and SparkLabs Group. The signing ceremony took place in Seoul during the state visit of the presidents of Kazakhstan and Uzbekistan to South Korea and the first Central Asia-Korea Summit.

QIC and IT Park Ventures are both anchor investors. The new fund will invest in Series A and later-stage startups in the Central Asia region with validated business models that are ready to expand beyond the region, focusing on AI-native companies, although not limited to this industry. Portfolio companies will receive support from SparkLabs and Mirae Asset's global network, as well as assistance in expanding to South Korea, the United States, and the Middle East.