Azerbaijan launches Venture Fund to boost startup ecosystem

Azerbaijan has officially established a new Venture Fund with a capital of $4 million, aimed at enhancing the country’s startup ecosystem and promoting financial accessibility for innovative projects.

The memorandum of understanding for the fund was signed on the margins of the INMerge Innovation Summit in Baku, Caliber.Az reports via local media.

The agreement was formalized by key stakeholders: Inara Valiyeva, Chairperson of the Innovation and Digital Development Agency; Irem Yilandil, representative of Trendyol Azerbaijan; Yasin Jalilov, Deputy Executive Director of the Azerbaijan Investment Company; and Farrukh Aliyev, CEO of PASHA Future Lab.

Each entity is contributing $1 million to the fund.

This initiative is designed to foster growth within Azerbaijan's innovation landscape, providing crucial financial support to startups and encouraging the development of groundbreaking projects in the region.

By Vafa Guliyeva