Gross result of high-tech industry companies in GDP more than tripled  - Hakob Arshakyan 

ArmInfo. On February 27, the RA NA Vice President Hakob Arshakyan participated in the official opening ceremony of the Formula VC  II  fund and gave a welcome  speech.

The Vice President of the National Assembly of the Republic of  Armenia highly appreciated the significance of the event in the  technological sector of Armenia. He emphasized with satisfaction that  Formula VC is entering its second stage, where tens of millions of  dollars will be invested in the development of the startup ecosystem  of Armenia.

"We must also note that over the past 5 years, the gross result of  high-tech industry companies in GDP (gross domestic product) has more  than tripled. This is the result of the work of the partners in the  technological sector, as well as the many times greater efforts and  financial investments by the Government in the fields of education  and science, high technologies," Hakob Arshakyan stated.

According to the NA Vice President, one of the important components  of venture capital is the creative mind encouragement, as well as  engaging in the financial and other risks of the entrepreneurs with a  creative mind. "This is also leadership, because all those people  from Armenia and the Diaspora who are involved in the venture fund  will support both start-ups and not-so-new start-ups, developing  companies, through their knowledge, experience and international  connections. This also creates great opportunities for those  established and growing companies in terms of entering international  markets," Hakob Arshakyan underlined.

The NA Vice President expressed confidence that the creation of a new  venture fund that encourages institutional and creative thinking, the  willingness to start a new business and make investments in the  technological sector, will revitalize not only the high-tech sector  but also the growth in other sectors.

The RA Deputy Prime Minister Mher Grigoryan and the RA Minister of  High-Tech Industry Mkhitar Hayrapetyan also delivered welcome  speeches at the official launch of the Formula VC II fund.

The event was attended by investors, Government representatives,  international partners, representatives of the technology community.

Formula VC is a venture fund that invests in early-stage startups.  The fund aims to support Armenian companies by helping them expand  and become international leaders. The new fund will invest $30  million in 35-40 technology startups. The Formula VC II fund has  brought together investors and advisors from more than 20 countries  around the world, creating an international platform for Armenian  startups, regardless of their location. Formula VC began to operate  since 2021.