Venture fund totaling $25 mln established in Azerbaijan to operate in South Caucasus, Central Asia

BAKU. June 28 (Interfax) - Sabah.Hub Innovation Center has set up a $25 million venture capital fund to invest in startups in Azerbaijan, the South Caucasus in general and Central Asia, Saba.Hub director Rahim Bayramli told reporters on Thursday.

The fund plans to invest $25 million in 50-60 startups in the region over four years, with investment in each startup totaling $100,000-$500,000, Bayramli said. He did not name the fund's investors.

Sabah.Hub startups have raised over $4 million from local and regional investors in two years, and are expected to raise another $2 million by the end of June, Bayramli said.

He also said there are plans to build a technology park called Sabah City in the next two years.