Turkish venture fund opens representative office in Azerbaijan (PHOTO)
BAKU, Azerbaijan, Sept. 15
The Turkish Bogazici Ventures company has opened a representative office in Azerbaijan, Trend reports citing the Innovation Agency under the Ministry of Transport, Communications and High Technologies of Azerbaijan.
“For the first time, the office of the International Venture Fund, which finances start-ups and projects of the Innovation Agency, was opened in Azerbaijan. The opening ceremony was attended by the Ambassador Extraordinary and Plenipotentiary of Turkey to Azerbaijan Yerkan Ozoral, Board Member of the Bogazici Ventures Foundation and Head of the Azerbaijani Representative Office Turan Almammadov,” said the agency.
Bogazici Ventures venture fund initially established an investment fund of $5 million to develop Azerbaijani startups.
“Several international venture funds are planned to be opened in Azerbaijan. At the same time, the prospects for broad cooperation of local startups with Bogazici Ventures were discussed," said the agency.
Bogazici Ventures company, through its funds, invests in technology enterprises, ensuring their development in international markets. All startups that have passed the classification of startups compiled by the Innovation Agency and belong to categories A and B can apply to the Bogazici Ventures investment fund.
The investment decision for startups will be made within international standards in line with the internal valuation policy of Bogazici Ventures.