Venture Capital in Azerbaijan
Every venture capital record the directory holds in Azerbaijan.
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Caucasus Ventures
Founded in November 2022 as Azerbaijan's first domestically domiciled venture capital fund, Caucasus Ventures was established by the Innovation and Digital Development Agency, PASHA Holding, and individual investors, with a statutory capital of 11.3 million AZN (~$6.6 million). Led by General Partner Mammad Karim, the fund targets post-seed to Series A startups in fintech, edtech, SaaS, cybersecurity, gaming, and e-commerce across Azerbaijan, Georgia, Türkiye, Central Asia, and Eastern Europe. Portfolio companies include Vivoo, Platma, Cognitiwe, Cargon, TASS Vision, and KLIPY. The fund is distinctive as the pioneer institutional VC vehicle in the Azerbaijani ecosystem, backed by state innovation infrastructure and private capital.
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InMerge Ventures
Launched in October 2024 at the INMerge Innovation Summit in Baku, InMerge Ventures is Azerbaijan's second institutionally backed venture capital fund, with an authorized capital of $4 million contributed equally by the Innovation and Digital Development Agency, Azerbaijan Investment Company, PASHA Future Lab, and Trendyol Group. The fund focuses on digital technologies, e-commerce, and innovation-driven startups from the Caucasus, Central Asia, Central and Eastern Europe, and the MENA region. Key founding figures include Inara Valiyeva (Chairwoman, Innovation and Digital Development Agency), Yasin Jalilov (Deputy Executive Director, Azerbaijan Investment Company), and Farrukh Aliyev (CEO, PASHA Future Lab). Its co-sponsorship by Trendyol Group, the Turkish e-commerce giant, gives it a distinctive cross-border e-commerce and marketplace angle.
