A founding agreement has been signed between the Innovation and Digital Development Agency (IRIA) and the White Hill Capital venture fund to establish a new venture financing company in Azerbaijan. White Hill Capital has played a significant role in scaling and growing numerous startups in the Central Eurasia region through its venture capital investments. Based on the agreement reached within the framework of the INMerge Innovation Summit, the fund’s activities in Azerbaijan will also be supported and expanded.
Speaking at the signing ceremony, Farid Osmanov, Chairman of IRIA, stated that the entry of a new foreign venture fund into the Azerbaijani ecosystem will accelerate the integration of local startups into the global environment:
"At IRIA, we continue to create new opportunities for our startups to access venture financing mechanisms. Today, we have taken the next step in this direction. White Hill Capital has proven its effectiveness through regional investments, and we hope that the Azerbaijani ecosystem will soon benefit as much as possible from the fund’s resources."
Aslan Sultanov, managing partner of White Hill Capital, emphasized the high potential of the Azerbaijani ecosystem and its growing attractiveness for investors. He noted that White Hill Capital’s entry into the Azerbaijani market will help expand the fund’s investment portfolio with promising opportunities and, at the same time, diversify the venture financing environment in Azerbaijan.
At the end of the event, presentations were held by Azerbaijan’s Push30 and Tajikistan’s Zypl startups, which have grown thanks to investments from the White Hill Capital venture fund. Startup representatives shared detailed information about the fund’s financial support model and the significant contribution of its investments to the scaling of startups.
It should be noted that White Hill Capital is a regional venture fund established in Kazakhstan in 2021, primarily investing in startups from Central Eurasian countries.
