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.
