In recent years, Mongolia has emerged as a nascent yet promising player in the global startup ecosystem, with its capital city, Ulaanbaatar, serving as the epicenter of entrepreneurial activity. While still in its early stages, the Mongolian startup landscape is showing signs of growth and innovation, and venture capital firms are playing an increasingly important role in nurturing this burgeoning ecosystem. In this article, we have compiled a comprehensive list of the top Venture Capital Firms in Mongolia for startups looking for funding in this growing hub.
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Venture Capitalist Funds in Mongolia
The venture capitalist funds below are actively looking for investment opportunities in diverse sectors and at different stages. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed. All quoted investment ranges are in US Dollars unless otherwise stated.
Type: VC
Year Founded: 2022
Stage: Seed
Focus: Sector Agnostic
Notable Portfolio: Nomadic Bear Games
Type: VC
Year Founded: 2018
Stage: Seed, Series A
Focus: Engineering
Notable Portfolio: Chatbot, Mevento, Shimt Education, Monya Travel
Type: VC
Year Founded: 1997
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: -
Type: VC
Year Founded: 2015
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: -
Type: PE/VC
Year Founded: 1968
Stage: Series C, Series D, Series E
Focus: Sector Agnostic
Notable Portfolio: Synergy Fund Solution, Shimt Education, Monya Travel
Type: PE
Year Founded: 2004
Stage: SME
Focus: Innovative Technology, DLT, AI & Entertainment; Infrastructure, Sustainable Energy & Smart Cities; Agriculture & Life Sciences
Notable Portfolio: -
Frequently Asked Questions on Venture Capitalist Funds (VCs) in Mongolia
What is the current state of venture capital in Mongolia?
The venture capital landscape in Mongolia is evolving, with a projected total capital raised of US$132.80 million in the venture capital market by 2025. The early stage segment is expected to dominate, with a projected market volume of US$66.30 million. Mongolia's VC market is gaining traction, with a particular focus on technology and digital transformation that are attracting foreign investment. The IT services market currently stands at $124.20 million and is growing at 5.08% annually. However, the market faces challenges such as economic uncertainty and limited investor confidence. The government is actively promoting foreign investment and developing startup ecosystems, creating a more favorable regulatory environment.
Which sectors are Mongolian VCs most interested in right now?
The most attractive sectors for VC investment in Mongolia currently include:
Mining and natural resources, particularly copper and coal projects
Agricultural technology, especially in cashmere and sustainable farming
Renewable energy, with significant opportunities in solar and wind projects
Technology and fintech, focusing on e-commerce and digital payment solutions
Tech solutions for urban challenges (e.g., transportation, waste management)
Community-oriented and social enterprises
What are the main challenges startups face when seeking VC funding in Mongolia?
Common challenges for startups seeking funding in Mongolia include:
Regulatory unpredictability and bureaucratic processes
Limited access to local capital markets
Competition from state-owned enterprises in certain sectors
Length of due diligence processes
Need for improved tax regulations
Limited access to subsidies and grants
Intellectual property protection issues
How much equity do VCs typically take in Mongolian startups?
In Mongolia, venture capital (VC) firms typically take a significantly higher equity stake in startups compared to global standards. Angel investors in Mongolia usually acquire 30-60% equity in local startups, which is nearly 10 times higher than the average in Silicon Valley. This high equity demand is primarily due to the nascent stage of Mongolia's startup ecosystem, limited funding options, and the perceived risks associated with investing in the country's emerging tech sector. The sparse capital market and the relatively new venture capital scene in Mongolia contribute to these less favorable terms for startups, making it challenging for founders to retain larger ownership stakes in their companies.
What stage are most Mongolian startups at when they receive venture capital funding?
The startup ecosystem in Mongolia is relatively young, with approximately 63% of businesses established in the past 3 years. Venture capital funding is available at various stages, but early-stage and seed funding are more common. Out of 25 high-tech startups in Mongolia, only 4 are reported as funded, with 2 having secured Series A+ funding. Notable examples include AND Global, which reached Series A stage, and Tapatrip, also at Series A.
Closing Thoughts on Venture Capitalist Funds (VCs) in Mongolia
As of 2025, the Mongolian startup ecosystem introduces approximately 25 high-tech startups, with notable companies like AND Global, Tapatrip, and Chimege leading the charge. These startups span various sectors, including fintech, travel tech, and artificial intelligence, demonstrating the diverse range of innovation occurring within the country. While Mongolia's startup and venture capital landscape is still developing, the increase in new high-tech startups that receive VC investments signal the cautious but consistent expansion of the ecosystem.
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