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Investor Dialogue: Show Me the Money - What It Actually Takes to Get Capital Into Central Asia

The $50 million CBU venture fund is new. The 200-fintech target is set. The presidential mandate is signed. What is not yet settled is whether international capital follows — and on what terms. Central Asia has produced its first unicorn-adjacent exits, its first institutional VC funds, and its first cross-border fintech infrastructure. It has not yet produced a consistent answer to the question every founder in this room is asking: what does a startup built here have to look like before it gets a term sheet from someone outside the region? 
 
This panel does not traffic in diplomatic answers. The investors on stage have deployed here, lost here, and backed the exits. They know the difference between a market that is genuinely untapped and one that is structurally uninvestable — and they know which parts of Central Asia are which. The audience will leave with a real bar: what the ecosystem needs to clear before the next wave of capital arrives, and how long that takes if the work starts now.  A frank assessment of where Central Asia sits on the global VC map — and what moves the needle The specific structural changes — regulatory, infrastructure, talent — that unlock the next tier of international capital Which sectors and markets are ready now, and which are still two cycles.

Speakers

Adil Nurgozhin

Adil Nurgozhin

Managing Partner, Big Sky Capital

Andi Aranitasi

Andi Aranitasi

Director, Head of Uzbekistan, European Bank for Reconstruction & Development

Kiyan Zandiyeh

Kiyan Zandiyeh

Chief Executive Officer, Sturgeon Capital

Melissa Frakman

Melissa Frakman

Chief Executive Officer & Founding Partner, EMVC

Pedro Vieira

Pedro Vieira

Managing Partner, 500 Global

Moderator

Abdulazal Toshkhujaev

Abdulazal Toshkhujaev

Managing Partner/Deputy CEO, UzVC