MTN-Irancell, Tehran University to Establish Joint VC Fund

A memorandum of understanding was signed between MTN-Irancell, University of Tehran and science and technology officials on Sunday, working toward the establishment of a venture capital fund and a startup accelerator which are to help promote knowledge-based firms and startups. 
The document targets the launch and development of an innovation and acceleration center, alongside establishing a venture capital fund to provide fledgling firms with financial support, as reported by Irancell’s official website.
Vice President for Science and Technology Sorena Sattari was present at the event and was one of the signatories to the MoU. He said, “Venture capital funds are a necessity to the country,” adding that the funds are part of the solution to promoting sustainable finance arrangements in Iran.