Well-known Turkish venture fund “Boğaziçi Ventures” opened its representation in the Innovation Agency

The representation of international venture fund, which finances startups and innovative projects for the first time in Azerbaijan comissioned in the Innovation Agency. Erkan Ozoral, the Ambassador Extraordinary and Plenipotentiary of the Republic of Turkey to Azerbaijan, Tural Almammadov, Member of the Board of the “Boğaziçi Ventures” Fund and Head of the Representation in Azerbaijan participated in the opening ceremony.

Tural Karimli, Chairman of the Board of the Innovation Agency informed about works to be done and future plans for the development of innovation and high technology in Azerbaijan. Prospects for extensive cooperation of local startups with the “Boğaziçi Ventures” fund were also discussed.

All startups classified as A and B by the Innovation Agency map apply to the $5 million investment fund allocated by the “Boğaziçi Ventures” for the development of startups in Azerbaijan. Investment decision for startups shall be given based on internal assessment of “Boğaziçi Ventures” within the international standards.

Erkan Ozoral, the Ambassador Extraordinary and Plenipotentiary of the Republic of Turkey to Azerbaijan highlighted in his speech that the non-oil sector, including information and communication technologies and high technology, is developing rapidly to ensure the sustainable development of the country according to the policy set by the Head of State. For that reason, he expressed that as a Turkish state, they are always ready to support the development of innovations.

Tural Almammadov, Member of the Board of the “Boğaziçi Ventures” Fund and Head of the Representation in Azerbaijan provided detailed information on the pace of development of information technologies in Azerbaijan to create favorable conditions for the activities of the venture fund in the region based on the assessment of “Boğaziçi Ventures”, Turkey's largest technology venture fund.

The main purpose of “Boğaziçi Ventures” is to ensure rapid development and access to foreign markets by providing financial support to Azerbaijani startup projects. As a result of the active growth of local startups in recent years, paying attention to the region and comissioning a venture fund in Azerbaijan is expected to play an important role in strengthening the region's overall economy and making Azerbaijan a technological center in the region.

In the press-conference, journalists found answers on expected activity of the representation and the future of startup ecosystem in Azerbaijan.

Boards of the Embassy of the Republic of Turkey in Azerbaijan and the “Boğaziçi Ventures” Fund was added to the "Sponsors and Partners" corner of the Agency in the opening ceremony.