A matching fund to support startups will be established in Azerbaijan by the end of this year. This was announced by Yevgeniya Bikmurzina, Director of the Innovation Ecosystem Department at the Innovation and Digital Development Agency (IRDA), during a press conference on the results of IRDA for 2023 and the goals for 2024, alongside the Ministry of Digital Development and Transport. According to information provided by Report Information Agency, it is aimed to create a $10 million support fund for Azerbaijani founders in 2024.

"Among this year's goals are also 38 investment agreements by angel investors and venture capital funds, as well as the launch of another club for angel investors," said Y. Bikmurzina.

It is worth noting that the first venture capital fund called "Caucasus Ventures" was established in Azerbaijan in 2022. Angel investors provide support to startups with smaller amounts. It is believed that an increase in the number of angel investors in the country will provide significant support to startups. Therefore, the "Technovate-Sabah" club has opened a school for those interested in becoming angel investors in Azerbaijan.