The new Caucasus Ventures venture fund is going to
invest $6.6 million in 50 projects in the next five years, trend reports referring to the Director of the
venture fund Mamed Kerim.
According to him, the fund is going to invest in both
local and regional start-up projects.
'Of course, the main activity of the fund is to
attract profit as well as support and development of Azerbaijan's
start-up and IT ecosystems,' Mamed Kerim explained.
He said that the fund's activity, from a geographical
point of view, is going to be focused on regions such as the
Caucasus, East Europe, and Central Asia.
'Our investors already have work and investment
experience in these regions, but in the future, the coverage of
regions will be widened. Also, about 10 percent of our fund's
resources are going to be invested in other foreign venture funds,'
said Mamed Kerim.
The budget of the venture fund is 11.3 million manat
($6.6 million). Azerbaijan's Innovation Agency and PASHA Holding
allocated 5 million manat ($2.9 million), and individual
entrepreneurs - 1.3 million manat ($760,000) to the fund's
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Tags: azerbaijan caucasus ventures
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