Venture funds and investors from Azerbaijan: who every startup founder should know

In Azerbaijan, the venture market is still developing, and new funds and experts are emerging who invest in startups and support the growth of the local ecosystem. Below is a list of the main funds and investors worth paying attention to.

Venture funds

Caucasus Ventures
The first venture fund in Azerbaijan. It was established in 2022 with the participation of the Innovation and Digital Development Agency, PASHA Holding, and private investors, with an authorized capital of $6.6 million. The fund focuses on startups at the Post-Seed and Series A stages. It works with technology startups and helps them scale, enter international markets, and build sustainable growth.

PASHA Investments
An investment company that manages assets and portfolios across various sectors of the economy, including finance, real estate, and innovation. It focuses on long-term strategies, supports partnerships with companies and startups, and aims to create sustainable value for investors by accumulating resources and expertise for future projects.

SABAH.fund
One of the largest venture funds in Azerbaijan, launched in 2024. It invests in startups at the Pre-Seed, Seed, and Series A stages in technology sectors. The fund has raised $25 million in capital, with $11 million secured during the first closing. It works with projects from Azerbaijan, the South Caucasus, Central Asia, and the MENA region, supporting founders through mentorship, networking, and international expertise.

INMerge Ventures
An early-stage venture fund with $4 million in capital, based in Baku. It invests in startups across Central Asia and the Caucasus, Central and Eastern Europe, and the Middle East and North Africa. The fund focuses on supporting promising technology teams and developing the regional innovation ecosystem.

SUP.VC
A venture ecosystem platform that brings together startups, corporations, and investors. It develops a community around entrepreneurship and innovation, launches educational and incubation programs, industry events, and open innovation projects, and also helps attract investments and commercialize technological solutions.

Enhance Ventures
A venture studio that creates and develops startups together with founders and investors. The company was founded in 2014 and operates in various sectors—from FinTech and e-commerce to data, energy, and Web3. Over time, Enhance Ventures has launched dozens of projects across the MENAPTCIS region and beyond, collaborating with major corporate partners and investors.

Investors

Baba Aghayev
A venture expert and entrepreneur from Azerbaijan. He is the Studio Director at Enhance Azerbaijan, CEO and founder of POSTCARDES, co-founder of Bloge.ai, and founder of Vizam.az. He has more than 10 years of experience launching and scaling startups, developing ecosystems, and building communities. He is a recipient of international awards and a graduate of Cannes Lions School and the Silicon Valley Innovation Center.

Rahim Bayramli
An investor and leader in Azerbaijan’s venture ecosystem. He is the CEO of SABAH.HUB Innovation Center, co-founder of SABAH.fund with $25 million in capital, and co-founder of Push30 and LANDAU School. He previously worked at McKinsey and is a graduate of the London School of Economics. He organizes international events for startups and investors and promotes local talent in global markets.

Mammad Karim
A venture investor and General Partner at Caucasus Ventures, primarily investing in technology startups. He is a board member of eManat and the Innovation Advisory Board of PASHA Holding, as well as a co-founder of SUP.VC. With many years of experience in developing venture ecosystems, incubators, and acceleration programs, he has previously served on leadership and supervisory boards of key innovation initiatives in the region and actively contributes to shaping the investment and startup community in the South Caucasus.

Samir Hajibayli
An investor at Caucasus Ventures who works with early-stage technology startups. Over three years at the fund, he has participated in investment analysis for dozens of companies and held more than a thousand meetings with startups from Central Asia, the Caucasus, Turkey, and Central and Eastern Europe. The fund’s portfolio spans more than 10 industries and 8 countries. He also teaches at ADA University and focuses on technology, sustainability, and HealthTech.

Tugra Musayeva
Head of Innovation at PASHA Holding and Managing Partner of the InMerge Venture Fund, a leading venture fund in Azerbaijan. She oversees corporate incubators and accelerators, leads the InMerge Innovation Summit, and manages the fund’s Pre-Seed investment strategy, building an investment hub and community to support startups and develop the regional innovation ecosystem.

Hashim Bakuvi
An investor and entrepreneur with more than 15 years of experience in finance and strategic consulting. He is a partner at Boğaziçi Ventures and the founder and managing partner of Turklandia, where he developed a short-term rental business and scaled it to more than 50 properties. He has experience in financial analysis, planning, and implementing processes to increase efficiency and profitability.

Ashraf Huseynov
Project manager at SABAH.studio, where he helps transform early ideas into scalable startups and investment-ready companies. He has experience in FinTech, EdTech, Wellness, and SaaS, working on product development, go-to-market strategy, and legal compliance. He also mentors founders, designs business models, and supports innovation within the startup ecosystem.

Farid Musayev
A FinTech entrepreneur and venture investor with more than 10 years of experience in investments and developing technology companies. Advisor at Berkeley SkyDeck accelerator, graduate of Columbia Business School and London Business School. He invests in and works with FinTech and technology projects in the United States, Azerbaijan, and the Middle East.