Sturgeon Capital has successfully secured the initial institutional funding for its second flagship venture capital fund, known as Sturgeon Emerging Opportunities II (SEO II). This fund is dedicated to supporting early-stage technology ventures in Central Asia, the Caucasus, Bangladesh, and Pakistan.
The initial phase of SEO II received strong backing from the International Financial Corporation (IFC) and SBI Ventures Asset Pte., as well as a wide array of global investors comprising family offices, high-net-worth individuals, corporations, and international financial institutions (IFIs).
Building upon the achievements of its forerunner, SEO I, SEO II prioritizes investments in FinTech, B2B Software, and Marketplace ventures situated within rapidly expanding digital landscapes. Sturgeon Capital highlights its dedication to actively collaborating with portfolio companies to augment both their impact and financial success. Additionally, the collaboration with the United States Agency for International Development (USAID) through the Digital Invest program underscores Sturgeon's ongoing commitment to nurturing sustainable growth in emerging markets.
Established in 2016 and based in London, Sturgeon Capital oversees around $300 million in assets spanning venture capital and private equity portfolios. Noteworthy limited partners (LPs) encompass the Mirath family office, the International Finance Corporation (IFC), Montrose Advisors, and SBI Ventures Asset Pte. Ltd.
There has been a notable increase in the usage of remote banking services in Uzbekistan. A report commissioned as part of the Mastercard initiative and conducted by a team of experts has brought attention to this trend. According to the report, the uptake of online transactions in Uzbekistan has shown considerable growth.
By 2018, the number of users conducting online transactions stood at approximately 8 million, a figure that skyrocketed to around 30 million by 2022. The value of online transactions hit $14 billion in the preceding year alone, marking a 1.5-fold rise from the previous year. Furthermore, QR code payments have experienced significant adoption, with the user base for QR code payments increasing fourfold from 2021 to approximately 63,000. Moreover, the total value of payments made through QR codes surged from $1.4 million to $17 million during the same period.