State-Backed Venture Capital Fund to Support Emerging Startups

Iran National Innovation Fund is to switch from conventional funding to venture capital investment for supporting fledgling startups and tech companies.
According to Siavash Malekifar, an INIF deputy, since October 2018, the state-backed institution has offered loans and grants to the tune of 520 billion rials ($1.8 million) to emerging startups, IRNA reported.
However, INIF is planning to make the investments more systematic and become a venture capital fund for backing startups. 
Malekifar noted that startups managers are to be engaged in the process.