Azerbaijan to set up second venture fund

A new venture fund with a capital of $10 million will be created in Azerbaijan.

Evgenia Bikmurzina, head of the Innovation Ecosystem Department of the Agency for Innovation and Digital Development (IRIA), made the remark at a press conference on the results of the agency's activities for 2023 and upcoming tasks, according to Report.

According to her, it can be created not in the form of a stable venture fund, but in the form of attracting several global venture funds to Azerbaijan.

Bikmurzina added that the new organization will focus on larger investments: "Negotiations are underway with such venture funds as Startup Wise Guys, White Hill Capital, Startapbootcamp. The new structure will eventually create an opportunity for additional investments in startups in Azerbaijan or in startups established by Azerbaijanis living abroad."

The first Azerbaijani venture fund Caucasus Ventures was established in 2022. Its authorized capital is 11.3 million manats ($6.64 million).