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

Venture Funds

Caucasus Ventures
The first venture fund in Azerbaijan. It was established in 2022 with the participation of the Agency for Innovation and Digital Development, PASHA Holding, and private investors, with a charter capital of $6.6 million. The fund focuses on startups at the Post-Seed and Series A stages. It works with technology startups, helping 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 is oriented toward long-term strategies, supports partnerships with companies and startups, and strives to create sustainable value for investors by pooling resources and expertise for future projects.

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

INMerge Ventures
An early-stage venture fund with $4 million in capital, based in Baku and investing in startups in the regions of Central Asia and the Caucasus, Central and Eastern Europe, and the Middle East and North Africa, with a focus 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 facilitates investment attraction and the commercialization of technology 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 fields—from FinTech and e-commerce to data, energy, and web3. Over this time, Enhance Ventures has launched dozens of projects in the MENAPTCIS region and beyond, collaborating with major corporate partners and investors.

Investors

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

Rahim Bayramli
An investor and leader in Azerbaijan's venture ecosystem: CEO of SABAH.HUB Innovation Center, co-founder of SABAH.fund with $25 million in capital, Push30, and LANDAU School, with experience at McKinsey and as a graduate of LSE. He organizes international events for startups and investors and promotes local talent to global markets.

Mammad Karim
A venture investor, General Partner at Caucasus Ventures, primarily investing in technology startups. He is a member of the board of directors 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 the venture ecosystem, incubators, and acceleration programs, he previously served on the management and supervisory boards of key innovation initiatives in the region and actively participates in shaping the investment and startup community in the South Caucasus.

Samir Hajibayli
An investor at the Caucasus Ventures fund, working with early-stage technology startups. In three years at the fund, he participated in the investment analysis of dozens of companies, conducted over a thousand meetings with startups from Central Asia, the Caucasus, Turkey, and CEE. The fund's portfolio covers more than 10 industries and 8 countries. He teaches at ADA University, focusing on technology, sustainable development, and HealthTech.

Tugra Musayeva
Head of Innovation at PASHA Holding and Managing Partner of 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 investment strategy at the Pre-Seed stage, creating an investment hub and community to support startups and develop the regional innovation ecosystem.

Hashim Bakuvy
An investor and entrepreneur with over 15 years of experience in finance and strategic consulting. Partner at Boğaziçi Ventures, founder and managing partner of Turklandia, where he developed short-term rentals and scaled the business to more than 50 properties. He has experience in financial analysis, planning, and process implementation to improve efficiency and profitability.

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

Farid Musayev
A FinTech entrepreneur and venture investor with over 10 years of experience in investments and the development of technology companies. An advisor to the Berkeley SkyDeck startup accelerator, a graduate of Columbia Business School and London Business School. He invests in and works with FinTech and technology projects in the US, Azerbaijan, and the Middle East.