A new venture fund with a capital of $10 million will be created in Azerbaijan, Evgenia Bikmurzina, head of the innovation ecosystem department of the Innovation and Digital Development Agency, said at a press conference on the results of the agency’s activities in 2023 and upcoming tasks, Report informs.

According to her, the fund might be created not in the form of a stable venture fund, but by attracting several global venture funds to Azerbaijan.

Bikmurzina added that the new organization will focus on larger investments: “Negotiations are underway with such venture funds as Startup Wise Guys, White Hill Capital, Startupbootcamp. The new structure will ultimately create the opportunity for additional investments in startups in Azerbaijan or startups founded by Azerbaijanis living abroad."

The first Azerbaijani venture fund Caucasus Ventures was created in 2022. Its authorized capital is 11.3 million manat ($6.64 million).