First venture capital fund of Azerbaijan - Caucasus Ventures established


November 29, Fineko/ The Agency for Innovation & Digital Development, the PASHA Holding Group of Companies and individual investors have created venture capital fund Caucasus Ventures, which is of great importance for the development of the innovation ecosystem.

ABC.AZ reports that the main purpose of the fund creation is to invest in startups that are at stage "A" and in the period of post-sowing growth. The Fund will create favorable conditions for the development of Azerbaijan's innovation ecosystem, give impetus to the formation of investment culture in the country, and attract attention of foreign startups and investors to the local market. The venture fund will make significant contribution to development of startups by providing financial flow in the innovation ecosystem.

Fund’s authorized capital is AZN 11.3 million. PASHA Holding Group of Companies and individual entrepreneurs agreed to allocate AZN 5 million and AZN 1.3 million to the Fund, respectively. At that, the Agency for Innovation & Digital Development supported the initiative of private partners and allocated an additional AZN 5 million to Caucasus Ventures.

Caucasus Ventures will invest in startups from Azerbaijan, Georgia, Turkey, Central Asia and Eastern Europe for 5 years.