New $4M venture fund established in Azerbaijan

A new venture fund with a capital of $4 million has been established in Azerbaijan, Report informs.

In this regard, a Memorandum of Understanding (MoU) was signed within the framework of the INMerge Innovation Summit.

The MoU was signed by Inara Valiyeva, the Chairperson of the Innovation and Digital Development Agency in Azerbaijan, Irem Yilandil, representative of Trendyol in Azerbaijan, Yasin Jalilov, Deputy Executive Director of the Azerbaijan Investment Company, and Farrukh Aliyev, CEO of the newly established Future Lab under PASHA Holding.

Each party allocated $1 million to the venture fund. The fund aims to support the ecosystem in Azerbaijan by ensuring financial availability for startups and innovative projects.