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Jan 11, 2024 513

DOMiNO Ventures investigated nearly 1,000 startups in the Azerbaijan region for investment

#Regional

DOMiNO Ventures expanded its portfolio by making 11 new technological investments in the Artificial Intelligence, Game and Web3 sectors from Turkey, Central Asia and Eastern Europe in 2023. The fund expanded its activity in 8 countries by adding Azerbaijan, Georgia, Kazakhstan and Uzbekistan.

DOMiNO Ventures releases its report for 2023, highlighting its investments in 11 Artificial Intelligence, Gaming, and Web3 startups. In the course of the year, the venture capital fund expanded its portfolio by injecting capital into technological innovations across Artificial Intelligence, Gaming, and Web3 sectors in Turkey, Central Asia, Eastern Europe, as well as including Azerbaijan, Georgia, Kazakhstan, and Uzbekistan, expanding its operations to a total of 8 countries.

Commencing its investments on July 22, DOMiNO Ventures capped off 2023 with a total of 18 portfolio companies after injecting capital into 11 new startups. The team extensively researched 8,620 startups, held 1,627 initial meetings, and conducted in-depth research on 144. Scouting activities were regionally distributed with 47% in Turkey, 34% in Central Asia, and 19% in Eastern Europe and the United States.

Among the ventures disclosed in DOMiNO Ventures' portfolio for 2023 are: Hirize, Atlas Space, njoyKidz, Artifica, Cineshort, Iftrue, Co-One, Ginoa, Cognitiwe, Gamer Arena, Lumian, and Igor. The portfolio companies collectively raised €17.2 million in 2023. Out of the 11 investments, 5 have been disclosed within the year, while the remaining funds will be publicly announced in the coming months. The distribution of the 11 investments across sectors is 6 in Artificial Intelligence, 2 in Web3, 2 in Gaming, and 1 in Fintech.

Operating in 8 countries with over 50 global and local partners, DOMiNO Ventures' expansion strategy has allowed its team to actively participate in various events in Azerbaijan, Georgia, Kazakhstan, and Uzbekistan, conducting extensive research on nearly 1,000 startups in the last two quarters.

DOMiNO's team acknowledged the continuous and supportive startup ecosystem in the Central Asian region, contributing to significant economic growth and technological development. They expressed their commitment to seizing opportunities in the early stages and allocating capital to five technology startups in 2024.

Mustafa Kopuk, Managing Partner of DOMiNO Ventures, stated, "In 2023, we successfully invested in 11 technology startups. In 2024, we aim to inject capital into 12 new startups in the Artificial Intelligence, Web3, and Gaming sectors, with the goal of transforming our portfolio companies into significant players in the global market."

DOMiNO Ventures plans to continue focusing on rising sectors with its global investment strategy in 2024 and contributing to the entrepreneurial ecosystem.