Quest Ventures leads investment into Uzbekistan-based Billz retail management software

Published May 21, 2022, 10:17 AM

by MB Business

800 retail locations using Billz all around Central Asia

Asia’s top venture capital firm, Quest Ventures, has set its sights on yet another tech company: Uzbekistan-based Billz. It’s an easy-to-use retail management software powered with POS, inventory management, CRM, e-commerce and analytics for small and medium sized businesses. It helps to save time on daily retail operations and sell more by using marketing tools and analytics. It helps to integrate the products with marketplaces, as well as Facebook & Instagram shops to sell their products online.

Quest Ventures led a new round of funding from international institutional investors for Billz, including participation from Sturgeon Capital, a London-based VC fund that invests in emerging markets.

Billz hopes to address issues of majority of retail businesses in developing countries, which are not well-structured or automated. They have problems with data disconnects, unmanaged processes, lack of digital education and low access to financial services.

Billz is already used by more than 800 retail locations in Uzbekistan, Kazakhstan, Kyrgyzstan and Tajikistan and the team is planning to continue satisfying their customers by developing new products and features. The investment will be used to expand the team of developers, increase marketing, and extend the service into CIS region with focus on Kazakhstan. Extension to the new verticals, launch of improved e-commerce solutions and financial services are planned for this year. Subscriptions for small and medium-sized businesses cost from ~$18 per month.

“Small and medium sized retailers are lacking access to expensive technology and facing challenges in a digital world. Our solution can tackle this problem and help retailers grow their offline businesses using powerful technology and sell products online. We are happy and thankful to Quest Ventures and Sturgeon Capital who believed in our product and team and are supporting us in this journey. We will use investments to scale our product, expand the team and improve our presence on the CIS market with focus on Kazakhstan.” said Rustam Khamdamov, Co-Founder and CEO of Billz.

The USD 650,000 investment will speed up the adoption of Billz across the region and thereby provide extensive support to businesses everywhere.

“Billz is a great example of how digitalization and automation in retail can be improved at scale,” said James Tan, Managing Partner of Quest Ventures. “It empowers employees to focus on more value-added functions, increases efficiency, and uplifts employability.”

The company had previously raised a USD 150,000 round from Sturgeon Capital.

“Sturgeon first invested in Billz in 2020, and since then the founders and company have continued to deliver the quality of execution that led us to invest in the first place,” said Robin Butler, Investor director at Sturgeon Capital. “Billz is solving a key pain point for small retailers, who are underserved by technology and financial services in every market, and we believe BILLZ can become the leading SaaS business in the region.”

Quest Ventures is a top venture capital fund in Asia. Its portfolio of 90+ venture-backed companies operate in more than 150 cities across Asia, creating employment and advancement opportunities for more than 4,400 employees, while its Enterprise and ESG efforts directly impact thousands more. Its portfolio companies include unicorns and well-known companies such as Carro, Carousell, ShopBack,, and others.