Venture investment platform OurCrowd said Thursday that it signed a memorandum of understanding with the Azerbaijan Investment Company (AIC) to promote strategic cooperation for investment by the Government of Azerbaijan in OurCrowd’s portfolio. The agreement makes OurCrowd the first Israeli business entity to sign an agreement with Azerbaijan since Azerbaijan opened its Trade and Tourism Offices in Israel.
In the initial phase, subject to successful entry into full-scale agreement between AIC and OurCrowd, AIC will invest in 10-15 startups from the OurCrowd portfolio, especially in companies producing technologies and innovations which have significant potential to encourage growth for the Azerbaijan economy. This will include a specific focus on the fields of energy, health, agtech and foodtech, education and more. Moving forward, the two sides are expected to examine ways to encourage startups that have received investments to establish presences in Azerbaijan, further expanding the cooperation. OurCrowd foresees that other potential partners based in Azerbaijan, in both the private and public sectors, will join the move and make additional investments.
“The opportunity to sign an MOU with Azerbaijan will allow us to expand our reach, and help new entrepreneurs and startups realize their dreams,” said OurCrowd CEO and founder Jon Medved. “Moreover, this agreement will play a significant part in advancing the cooperation between Israel and Azerbaijan. By bringing together entrepreneurs and investors in both countries and around the world, we will be able to expand our ecosystem, and build new innovations together.”
The Jerusalem Post