A new venture fund with a capital of 4 million USD has been established in Azerbaijan.

Axar.az reports that a Memorandum of Understanding was signed in this regard during the "INMerge" Innovation Summit.

The memorandum was signed by Inara Valiyeva, head of the Innovation and Digital Development Agency; Irem Yıldanil, representative of Trendyоl in Azerbaijan; Yasin Jalilov, deputy executive director of the Azerbaijan Investment Company; and Farrukh Aliyev, CEO of the newly established Future Lab under PASHA Holding.

Each party has allocated 1 million USD for the venture fund.

The aim of establishing the fund is to contribute to the ecosystem in Azerbaijan and to ensure financial accessibility for startups and innovative projects.