Azerbaijan Investment Company invests in Israeli technological startup for first time

Economy Materials 15 February 2023 12:00 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, February 15. Within the framework of the cooperation with the OurCrowd Company, Azerbaijan Investment Company (AIC) OJSC has invested $1 million in a technological startup for the very first time, Trend reports via the tweet of Azerbaijan's Minister of Economy Mikayil Jabbarov.

"Israeli startup LARGIX, which has been invested in, specializes in the development of industrial products," he tweeted.

In July 2022, an investment agreement was signed between Azerbaijan Investment Company and OurCrowd Company (Israel's leading global crowdfunding platform).

The investment portfolio value of Azerbaijan Investment Company and the total approved investments amount reached 240.3 million manat ($141.3 million) by the end of 2022.

The main task of the Azerbaijan Investment Company is the long-term investment in individual joint-stock companies and in other commercial organizations in the non-oil sector by means of the acquisition of interests.