A new venture fund with a capital of $4 million has been established in Azerbaijan to support the local startup and innovation ecosystem. The founding members of the fund include the Innovation and Digital Development Agency, "Trendyol", the Azerbaijan Investment Company, and "PAŞA Holding". The primary goal of this fund is to provide financial accessibility to startups and innovative projects in Azerbaijan, contributing significantly to the growth of the ecosystem.
An official Memorandum of Understanding was signed during the "INMerge" Innovation Summit to formalize the establishment of the fund. The memorandum was signed by Inara Valiyeva, Chairperson of the Innovation and Digital Development Agency; Irem Yilandil, Trendyol's representative in Azerbaijan; Yasin Jalilov, Deputy Executive Director of the Azerbaijan Investment Company; and Farrukh Aliyev, CEO of the newly established "Future Lab" under PAŞA Holding.
Each founding partner has committed $1 million to the venture fund, bringing the total capital to $4 million. The primary objective of the fund is to strengthen the local innovation ecosystem, provide financial support to startups, and enhance Azerbaijan's presence on the international innovation scene.
In addition to the founding members, PAŞA Bank and the Innovation and Digital Development Agency, along with Caucasus Ventures, are limited partners of the fund, further solidifying its potential to impact the innovation landscape with added expertise and a robust network.
The fund's founding members aim to provide comprehensive support to Azerbaijan's digital future, empowering local technology and innovation projects to achieve international success.
