For Investors
Who can become an LP in your funds?
Qualified investors -- individuals and legal entities, family offices, corporations and institutional investors (DFIs). Specific requirements depend on the terms of each fund.
What is the minimum investment size?
The minimum LP participation is determined by the terms of each specific fund. Contact us for current information.
How are fund exits handled?
The fund horizon is 5 years: 2 years for the investment period, 3 years for portfolio support and exit. Exit mechanisms include: sale of stake to a strategic investor, secondary sale, or IPO of a portfolio company.
How is operational management different from trust management?
Photon runs operational management of the funds but is not a management company in the sense of trust management of assets. Final investment decisions are made by each fund's Investment Committee and/or Supervisory Board - Photon staff are not members of these bodies. We are responsible for startup selection, due diligence, deal negotiations and portfolio support. This distinction matters: trust management requires a specific license, whereas the operational model works within ordinary service agreements with the fund. See the Active Funds page for more details.
Under whose regulation does Photon operate?
Photon operates within the laws of the Republic of Uzbekistan. The activities of an operating partner do not require a license for trust management of assets because investment decisions are made by fund governance bodies (Investment Committee / Supervisory Board), not by Photon.
How often do you provide LP reporting?
Quarterly reports for LPs. Annual investor meeting. Format and content are determined by the fund terms.
For Startups
Do I need a working product to apply?
No. We consider startups from Pre-seed (idea + team) to Seed+ (working product with initial revenue). University teams can apply even with just a hypothesis.
Does Photon MC take equity before investment?
No. Photon MC does not take equity for participation in the accelerator or Framework. Equity is only discussed as part of an investment deal at the Pre-seed or Seed stage.
Can I apply if I'm not from Uzbekistan?
Yes. We consider startups from all Central Asian countries. Priority is given to teams operating in the Uzbekistan market or planning to enter it.
What happens after I submit my application?
Within 3 business days our team reviews the application. If it aligns with the fund's focus, we schedule a 30-minute introductory call. Based on the call, we determine next steps: enrollment in a Framework cohort or a direct deal review.
For Universities
Can the Framework be integrated into an existing program without changing the curriculum?
Yes. The Innovation Framework operates as a supplementary project activity alongside the main curriculum. Students complete their thesis in the format of a real startup project.
Who pays for mentors and experts?
Mentors and industry experts are engaged by Photon from the operating partner's operational budget. The university bears no additional financial obligations.
Didn't find your answer?
Contact us -- we'll respond to any question within 24 hours.