Baku, Azerbaijan – May 2, 2024
A significant event has taken place that marks a milestone for the startup ecosystem in our country. The Azerbaijani startup “Dr. Agro” supported by IDDA and established with investments from the “Caucasus Ventures” venture fund, has been acquired by “Agcurate BV“.
“Agcurate BV,” with its headquarters in Arnhem, Netherlands, also engages in the research and development of innovative agricultural technologies in Turkey. The acquisition of “Dr. Agro” enhances “Agcurate BV’s” ability to serve consumer-packaged goods companies producing food products and increases its opportunities to enter the South Caucasus market.
The Azerbaijani startup “Dr. Agro” itself brings extensive experience in agronomy, along with a robust network of partners and customers. Ramil Azmammadov, co-founder and CEO of “Dr. Agro“, mentioned that this collaboration will allow “Agcurate BV” to offer comprehensive 360-degree monitoring services in agricultural operations to their customers in the new market. Additionally, the acquisition will enrich “Agcurate BV’s” research and development activities with significant data from broader regions and stimulate the development of leading innovations in the agricultural technology sector.
Matin Emamullahi, co-founder and CEO of “Agcurate BV” shared his thoughts on the transaction:
“This acquisition is of great importance for us, especially at a time when we have strengthened our position in the agrotech industry with investments from ‘Caucasus Ventures’ and ensured accessibility to new regions during this first quarter of the year. We are excited about the strategic significance of this collaboration and the opportunities it creates to provide more benefits to our customers, and we aim to serve a wider range of stakeholders in the sector shortly,” he stated.
Mammad Karim, the founding director of “Caucasus Ventures” also highlighted the significance of the acquisition for the ecosystem: “This acquisition is a very important event in Azerbaijan in terms of its significance. I believe that the strategic investments of the venture fund create a solid foundation for the formation of the ecosystem in our country.”