By Trend

The new Caucasus Ventures venture fund is going to invest $6.6 million in 50 projects in the next five years, Trend reports referring to the Director of the venture fund Mamed Kerim.

According to him, the fund is going to invest in both local and regional start-up projects.

"Of course, the main activity of the fund is to attract profit as well as support and development of Azerbaijan's start-up and IT ecosystems," Mamed Kerim explained.

He said that the fund's activity, from a geographical point of view, is going to be focused on regions such as the Caucasus, East Europe, and Central Asia.

"Our investors already have work and investment experience in these regions, but in the future, the coverage of regions will be widened. Also, about 10 percent of our fund's resources are going to be invested in other foreign venture funds," said Mamed Kerim.

The budget of the venture fund is AZN11.3 million ($6.6 million). Azerbaijan’s Innovation and Digital Development Agency and PASHA Holding allocated AZN5 million ($2.9 million), and individual entrepreneurs - AZN1.3 million ($760,000) to the fund's budget.