Leading online investment platform OurCrowd has signed a memorandum of understanding with the Azerbaijan Investment Company (AIC) – the government’s investment arm.
The agreement makes OurCrowd the first Israeli business to sign an agreement with Azerbaijan since the country opened its Trade and Tourism Offices in Israel.
The AIC is represented by the Chairman of its Supervisory Board, Minister of Economy of Azerbaijan, Mikayil Jabbarov. The goal of the MOU is to promote strategic cooperation in the field of investment by the Government of Azerbaijan in OurCrowd’s growing portfolio of Israeli and international firms.
According to a note from OurCrowd, initially, the 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. The AIC will have a focus on the fields of energy, health, Agtech and Foodtech, education, and more.
Over time, the two sides expect to review methods as to how to encourage startups to establish a presence in Azerbaijan. Additionally, OurCrowd states that it foresees other potential partners based in Azerbaijan, in both the private and public sectors, will join and make additional investments.
Minister Jabbarov issued the following statement on the new partnership:
“The Memorandum of Understanding between the Israeli company OurCrowd, and the Azerbaijan Investment Company has been signed to attract investments in startup projects and transfer the best practices of leading Israeli companies to our country. This new area of cooperation will contribute to the establishment of an innovative ecosystem in our country.”
Jon Medved, OurCrowd founder and CEO, added:
“The OurCrowd model of investment, and the companies that we support, are testament to the power of cooperation and partnership. The opportunity to sign an MOU with Azerbaijan will allow us to expand our reach, and help new entrepreneurs and startups realize their dreams. 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.”
Ori Sobovitz, Partner at OurCrowd for Government Relations, said they are proud and excited to be the first Israeli business to sign an agreement with the Azerbaijan Investment Company. They see great significance in signing the MOU with a country with such a strong relationship with Israel.
“This agreement is the result of longstanding and good relations between Israel and Azerbaijan. Moreover, it is an expression of the real synergy between the two countries, and presents the opportunity to apply our portfolio companies’ innovations, solutions, and best practices in a new market, with significant mutual benefit.”