Caucasus Ventures Shares Data On Its Investment Plans In Aze...| MENAFN.COM

Sunday, 29 January 2023 08:50 GMT

Caucasus Ventures Shares Data On Its Investment Plans In Azerbaijan


(MENAFN- AzerNews)

By trend

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 budget.

---

Follow us on Twitter @azernewsaz

  • Tags:
  • azerbaijan
  • caucasus ventures

MENAFN29112022000195011045ID1105243208


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.