BAKU, Azerbaijan, December 4. The funds of the newly established Caucasus Ventures are going to be directed toward the development of start-up projects in fields such as financial technology, medicine, education, "cloud technology", artificial intelligence, and so on, Director of Causcaus Ventures Mamed Kerim told Trend on Sunday.
According to him, in the next five years, it is planned to invest in the innovation ecosystem not only in Azerbaijan but also in other regions.
"More than 60 percent of the fund's budget is going to be directed to the support of Azerbaijani projects, while the rest - to the regions of East Europe and Central Asia," he said.
Moreover, according to the director of the fund, it is expected to establish one or two similar funds in the next two years.
The budget of the venture fund is 11.3 million manat ($6.6 million). Azerbaijan’s Innovation Agency and PASHA Holding allocated 5 million manat ($2.9 million), and individual entrepreneurs - 1.3 million manat ($760,000) to the fund's budget.