ArmInfo.A ceremonial event was held in Yerevan yesterday to mark the creation of the second venture fund, Formula VC. The fund's portfolio is $30 million, which will be invested in 40 startups over the next 5 years, not only in Armenia, but also in the Diaspora.
In an interview with an ArmInfo correspondent, co-founder and main partner of Formula VC Karen Vardanyan noted on the sidelines of the event that the need to create a second venture fund arose due to the fact that the ecosystem of Armenian startups is growing, transforming, and startups that are competitive in the context of the international market are emerging. Until today, there were up to 5 venture funds operating in Armenia, which was quite enough. But the situation is changing significantly today.
When asked about the difficulties startups face at the acceleration stage in Armenia, since only a few manage to move from the idea to the growth stage, Vardanyan noted that this is a global problem.
, he noted. The problem, according to the expert, is that startups do not properly assess the market and its needs, or are late with innovations.
, Vardanyan added.
According to him, today there are over 100 startups in Armenia, but if you take into account the entire Armenian world (Diaspora), there are many more.
According to the RA Statistical Committee, the revenue of the IT sector in Armenia in 2024 increased by 14.5%, amounting to 514.1 billion drams. According to Deputy Prime Minister of Armenia Mher Grigoryan, the share of IT in the GDP structure is about 7%.
