Key Takeaways
- • SparkLabs Group and Mirae Asset Venture Investment have established SparkLabs Mirae Silk Road Fund I LP, a new venture capital vehicle targeting Series A and later-stage startups across Central Asia with emphasis on AI-native companies.
- • Qazaqstan Investment Corporation (Kazakhstan's national fund of funds) and IT Park Ventures (Uzbekistan's state technology park venture arm) serve as anchor investors, signaling government-level backing for the fund's regional investment thesis.
- • The fund announcement coincides with the first Central Asia-Republic of Korea Summit in Seoul, where South Korea and Kazakhstan simultaneously signed commercial agreements valued at approximately $18.95 billion, reflecting broader economic deepening between the regions.
- • The strategy targets companies with demonstrated business models ready for cross-border expansion, with sector-agnostic positioning but particular focus on AI-native startups where artificial intelligence is core to both product and business model.
- • Central Asia, particularly Kazakhstan, is characterized by the fund's backers as an undercapitalized but increasingly important technology market attracting growing attention from global investors.
Summary
SparkLabs Group and Mirae Asset Venture Investment have partnered to launch SparkLabs Mirae Silk Road Fund I LP, a venture capital fund designed to back growth-stage technology startups across Central Asia. The two firms will jointly manage the vehicle, which will focus on Series A and later-stage investments with particular emphasis on AI-native companies—those where artificial intelligence is central to both the product offering and underlying business model.
The fund's anchor investors include two state-backed entities: Qazaqstan Investment Corporation, Kazakhstan's national fund of funds, and IT Park Ventures, the venture capital arm of Uzbekistan's state technology park. This institutional backing underscores government-level commitment to developing venture ecosystems in the region and signals confidence in the fund's investment thesis.
The term sheet was signed in Seoul during the first Central Asia-Republic of Korea Summit, positioning the fund launch within a broader effort to deepen economic ties between South Korea and Central Asian nations. The timing is significant: during the same week, South Korea and Kazakhstan executed commercial agreements valued at approximately $18.95 billion, demonstrating accelerating bilateral economic engagement across multiple sectors.
The fund's investment strategy targets startups that have achieved product-market fit and demonstrated viable business models but require capital to scale beyond domestic borders. While maintaining sector-agnostic flexibility, the fund will prioritize AI-native companies where artificial intelligence represents core differentiation. The fund's sponsors view Central Asia, particularly Kazakhstan, as an undercapitalized technology market with increasing appeal to global investors and entrepreneurs seeking expansion opportunities beyond established hubs.
The fund's anchor investors include two state-backed entities: Qazaqstan Investment Corporation, Kazakhstan's national fund of funds, and IT Park Ventures, the venture capital arm of Uzbekistan's state technology park. This institutional backing underscores government-level commitment to developing venture ecosystems in the region and signals confidence in the fund's investment thesis.
The term sheet was signed in Seoul during the first Central Asia-Republic of Korea Summit, positioning the fund launch within a broader effort to deepen economic ties between South Korea and Central Asian nations. The timing is significant: during the same week, South Korea and Kazakhstan executed commercial agreements valued at approximately $18.95 billion, demonstrating accelerating bilateral economic engagement across multiple sectors.
The fund's investment strategy targets startups that have achieved product-market fit and demonstrated viable business models but require capital to scale beyond domestic borders. While maintaining sector-agnostic flexibility, the fund will prioritize AI-native companies where artificial intelligence represents core differentiation. The fund's sponsors view Central Asia, particularly Kazakhstan, as an undercapitalized technology market with increasing appeal to global investors and entrepreneurs seeking expansion opportunities beyond established hubs.
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