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 ten to 15 startups from the OurCrowd portfolio, especially in companies producing technologies and innovations which have significant potential to encourage growth for the Azerbaijan economy, with 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 a 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.

Minister Jabbarov, said at the signing ceremony: "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.”

CEO and Founder of OurCrowd, Jon Medved said: “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 realise 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, commented: "We are proud and excited to be the first Israeli business to sign an agreement with the Azerbaijan Investment Company since Azerbaijan opened their trade and tourism offices in Israel. We see great significance in signing this agreement 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.”