Baku: White Hill Capital venture fund has announced plans to finance two categories of startups in Azerbaijan, as stated by Aslan Sultanov, the managing partner of White Hill Capital. This initiative was disclosed during a briefing with journalists, APA-Economics reports.

According to Azeri-Press News Agency, White Hill Capital operates as a $50 million Central Asian fund, with a focus on facilitating the expansion of startups from Central Asia into the Middle East and North Africa regions. Sultanov elaborated on a recent collaboration with the Innovation and Digital Development Agency (IDIA) to establish a new investment vehicle. IDIA will contribute a specified amount of capital, with White Hill Capital tripling this investment by adding two dollars for every dollar provided. This collaboration aims to finance two distinct categories of startups.

Sultanov detailed that the first category will primarily support Azerbaijani-based startups aspiring to expand their operations into Central Asia and subsequently into countries like the UAE and Qatar. The second category targets companies interested in entering the Azerbaijani market, establishing a local presence, hiring employees, and contributing to the economy through tax payments. The intention is to create a robust roadmap for Azerbaijani startups seeking international growth.

Further emphasizing the strategy, Sultanov highlighted that companies that swiftly exit local markets often experience significant growth in capitalization. White Hill Capital aims to identify promising projects for investment and has already committed $150,000 each to two companies, “Clopos” and “Receptor”. These investments are designed to support their expansion beyond Azerbaijan and participation in an acceleration program based in Dubai.