BAKU, Azerbaijan, September 29. White Hill Capital, a venture capital fund, will help Azerbaijani companies enter the markets of Central Asia and the Middle East, White Hill Capital Managing Partner Aslan Sultanov told media, Trend reports.
He made the remark on the sidelines of the signing ceremony of the founding agreement for the establishment of a new venture investment company between White Hill Capital and the Innovation and Digital Development Agency of Azerbaijan (IDDA) at the INMerge Summit in Baku.
"Today, we completed a project with IDDA to create an investment instrument, under which the agency invests funds, and we'll invest $2 for every $1 IDDA invests in this instrument, which will finance two types of startups.
The first are startups based in Azerbaijan that want to scale up first in Central Asia, and then in the UAE, Qatar, and other countries. The second are companies that want to enter the Azerbaijani market, set up a company here, hire employees, and pay taxes," he explained.
Sultanov noted that with this tool, the company will be able to create a successful roadmap for Azerbaijani startups seeking to scale.
"In our experience, companies that quickly expand beyond the local market experience the best capitalization growth and potential successful exits. This is precisely what we plan to achieve," he also said.
The company's representative pointed out that the first investments under the project were announced today: two Azerbaijani companies will each receive $150,000.
"We will help them scale beyond Azerbaijan and include them in our acceleration programs in Dubai," he added.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel