BAKU, Azerbaijan, March 13. The creation of specialized venture funds focused, for example, on agricultural technologies, will open new horizons for Azerbaijan's startup sector, Director of Caucasus Ventures fund Mamed Kerim told Trend.
"The emergence of additional investment funds in Azerbaijan is seen as an extremely positive development for the local startup sector. Startups are at various stages of development, ranging from the inception of an idea to the development of a prototype and further growth, and not every stage can be covered by a single fund.
Our organization traditionally focuses on supporting emerging startups that have already overcome the prototype creation phase. However, there is a significant number of projects on the market at early stages of development that also require financial support. Nevertheless, our resources do not allow us to fully meet all these needs.
Bringing in multiple funds, including specialized ones, such as those focusing on agritech, could likely create more favorable conditions for diversity and growth within the startup ecosystem in the country," he emphasized.
To note, the Caucasus Ventures venture fund was established in November 2022. The volume of investments in the creation of the fund is 11.3 million manat ($6.6 million) (5 million manat ($2.9 million) invested by the Ministry of Digital Development and Transportation of Azerbaijan, 5 million manat ($2.9 million) - PASHA Holding, and 1.3 million manat ($763,000) are private investments).
