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The Innovation and Digital Development Agency (IDDA) and the venture fund White Hill Capital have signed a Founding Agreement to establish a new venture financing company in Azerbaijan. White Hill Capital has played a significant role in scaling and growing dozens of startups in the Central Eurasia region through its venture capital investments. Based on the agreement reached within the framework of the INMerge Innovation Summit, the fund’s expansion in Azerbaijan will be supported.

Speaking at the signing ceremony, Farid Osmanov, Chairman of IDDA, emphasized that the entry of a new foreign venture fund into the Azerbaijani ecosystem will accelerate the integration of local startups into the global environment:

“At IDDA, we continue to create new opportunities for our startups to access venture financing mechanisms. Today, we took another step in this direction. White Hill Capital has already proven its efficiency through regional investments, and we want the Azerbaijani ecosystem to benefit from the fund’s resources as much as possible in the near future.”

Aslan Sultanov, Managing Partner of White Hill Capital, highlighted the strong potential of the Azerbaijani ecosystem and its growing attractiveness for investors. He noted that White Hill Capital’s entry into the Azerbaijani market will both expand the fund’s investment portfolio with promising ventures and contribute to diversifying the local venture financing environment.

At the event’s conclusion, presentations were delivered by Push30 from Azerbaijan and Zypl from Tajikistan — startups that have successfully grown thanks to White Hill Capital’s investments. The startup representatives shared insights on the fund’s financial support model and the significant role of its investments in scaling their ventures.

It should be noted that White Hill Capital, founded in Kazakhstan in 2021, is a regional venture fund primarily investing in startups from Central Eurasian countries.