Azerbaijani startups receive grants from the Global Financial Institution

The European Bank for Reconstruction and Development (EBRD) is expanding its Star Venture Programm to Azerbaijan for the first time. The Star Venture Programm in the Eastern Partnership countries under support of the EU Neighborhood & Enlargement is aimed at unlocking the potential of startups in this country.

This year, more than 180 startups from Azerbaijan, Georgia, Ukraine and Armenia have applied to the EBRD Star Venture Program. On September 12, 2022, four startups have been selected to receive financial grants and support to scale up. Out of which, three were from Azerbaijan!

• Recepta – receipt management app that automates the creation and collection of digital receipts for all card transactions on each purchase, eliminating the need for paper receipts.

Just to highlight – Recepta was the first startup that received the seed investment support from PASHA Holding early this year.

• Push30 – corporate benefit provider giving its members unlimited access to more than 70 fitness venues in Baku and beyond.
• Adviad – cross-channel advertising platform enables you to plan and buy advertising across screens and formats while accurately measuring reach, frequency and impact in a transparent and effective way.

Within the framework of her visit to Azerbaijan, the President of the EBRD Odile Renaud-Basso met with Recepta, Push30 and Adviad. The President congratulated the start-ups for being selected out of more than 180 applicants for participation in the Programme, praised them for their commitment to innovation, sustainability and excellence, and awarded them with certificates of recognition. The selected high-potential startups will receive 50K EUR of 1:1 customised advisory and mentoring, access to finance and global networks as well as business expansion opportunities.

The EBRD’s Star Venture Programm targets promising start-ups, accelerators and consultants to unleash their full potential. Working with small and medium-sized enterprises for over 25 years has given the EBRD unique expertise in bolstering the start-up ecosystem across its regions.

EBRD mission in Azerbaijan is to help develop the country’s non-oil sector, strengthen local lenders and boost investment in green economy.