Investors in Armenia

The Investors Club of Armenia (ICA) is Armenia’s first non-public contractual investment fund. We offer a unique investment platform that benefits investors while also making a positive contribution to the growth of the local economy.Since its foundation on 20 January 2017, we offer investors access to insider knowledge, powerful networks and unrivalled investment opportunities. We help investors to enter new markets, raise capital and secure partnerships.The ICA’s goal is to ensure shareholder returns by operating and allocating capital efficiently and delivering attractive, risk-adjusted returns. We pursue the highest standards of conduct, both corporate and individual, to build client and investor loyalty and enhance our reputation.We recognise the importance of adhering to robust corporate governance practices that secure effective oversight and strong accountability. We are well positioned to ensure adherence to these practices across our investment portfolio. We believe in promoting integrity and transparency within the investment management sector.

AICA is a non-profit organization designed to foster the development of entrepreneurial environment in Armenia . It is created to help start-ups and entrepreneurs with innovative ideas find high-caliber business professionals who would invest and help steer companies in their endeavors of high impact and growth. AICA is 20 members strong and growing. AICA brings together a very diverse group of CEOs, Entrepreneurs and Business Professionals from Armenia, Russia, Germany, Austria, Denmark, and the USA. Its members represent various industries ranging from cutting edge sphere in Biotech, Digital Healthcare, IT, Blockchain, Artificial Intelligence, Biometrics to more traditional sectors of Manufacturing, Construction, Real Estate Development, Renewable Energy, Banking, Fin-tech, Food & Beverage, Consumer Products, Logistics and Retail. AICA boasts 5 members from YPO and members from top business schools from Armenia, Europe, and USA, including 3 graduates of Harvard Business School. Members of AICA serve on Boards of Multinational Companies and run VC funds; They are Serial Entreprenuers with multiple successful companies under their belts and Top-Notch experts in Management, International and US Law, International Marketing, Sales and Distribution; They invest as Angels in companies with high growth potential and guide them through the exciting but challenging path to success; They open doors to New Markets and Clients and dedicate their Networks, Connections, and most importantly Knowledge, Experience, and Time to help companies Beat the Market Odds.

JSC Rietumu Banka is one of the largest banks in the Baltics States, specialized in corporate banking and affluent individuals. Headquartered in Riga, Latvia, the Bank is well represented in the global market, providing services to customers all over Europe, the Baltic States, Russia, Ukraine, Belarus, Kazakhstan, Romania, Armenia, and other regions.

Formula VC is aimed at taking the talented and innovative teams through their early stage journey. Vision: Armenia as an innovation hub Formula VC has a mission to support startups with its network and resources in early stages of growth to become global players in their domain. Formula VC’s main focus is on the projects engaged in SAAS, IoT and AI from Armenia and nearby regions. The projects we look at: Stage: funded by angel groups/ other pre-seed vehicles or bootstrapped, Performance: generate sustainable ARR of $100k+ or possess an active user base of 100k+ Strong team actively involved in innovation ecosystems across Armenia and Europe Early access to deals with growth potential Pioneer early stage venture fund in Armenian emerging innovation ecosystem Interconnected infrastructure, such as business angel network, startup incubator, international fund investing in IoT Solid advisory board from global innovation and financial hubs

SmartGateVC is a Silicon Valley pre-seed venture capital fund backed by Tim Draper and a network of entrepreneurs and professionals from the US, Europe, and MENA. Our key focus is deep tech: Artificial Intelligence (AI), Security, Internet of Things (IoT) and emerging Computational Biotech, Quantum Computing, and Blockchain across California, Massachusetts, NYC, Armenia, and wider Eastern Europe.SmartGateVC is a big family of startup and technology enthusiasts, seasoned professionals and a bunch of talented teams on their way of crafting the success on the global landscape.​

Help exceptional Armenian founders build high-impact, global companies. We are Armenian Founders, who went through the struggle of starting startups in Armenia and scaling them globally. We offer operational experience, support as well as access to a network of mission-aligned industry experts, global VCs.

HIVE Ventures was founded in 2014 with the mission to catalyze the global Armenian tech ecosystem by investing in startups led by Armenian entrepreneurs around the world. We not only provide venture capital but also offer mentorship and a Silicon Valley network of leading founders, operators and VCs. HIVE Ventures is a Hirair and Anna Hovnanian Foundation Initiative., Hive Ventures Limited is a venture capital firm specializing in early stage investment in artificial intelligence, Internet of Things, and blockchain. The firm was founded in 2018 and is based in Taipei, Taiwan.

VisionHeightened FDI interest, recent government changes in the country, and an increased engagement of Armenia’s 10 million Diaspora with its home country will catalyze a period of strong economic growth and highlight the investment drivers of the country.ApproachWe believe in building value through long term relationships anchored on mutual trust. Our approach is grounded on the tenets of integrity, quality and community, values that guide us in our daily practice.Our Value AddOn the ground Riviera Capital team is continuously identifying market gaps, sourcing and vetting opportunities that will connect investors and solid management teams in search of funds to execute clearly defined growth targets.Being a firm believer that Armenia’s economy is at the cusp of a significant growth path, Riviera Capital focuses on sectors displaying positive long-term fundamentals, sources and vets investment opportunities through its on the ground professional team and through a robust investment process it supports its investors and investee companies alike.Riviera Capital focuses on sectors displaying positive long-term fundamentals, backing strong, experienced and motivated management teams operating or launching companies with a sustainable growth potential.Armenia is poised for significant economic growth and early investors with on the ground presence and superior investment approach will outperform.

Granatus Ventures is the first Venture Capital firm in Armenia to provide funding, expertise and networks to promising technology-driven startups based in, or having core value-add activities in Armenia. Granatus Ventures is backed by an experienced team of investment professionals with a passion for building great companies. Granatus was established in 2013, and has offices in Yerevan, London and Singapore. For more information please visit: www.granatusventures.com.

We prioritize companies that initiate core value-add activities in Armenia, as well as invest in other geographic regions. We are looking for uniqueness & novelty of entrepreneurial vision. By deploying our expertise and contacts, we can influence the company’s operations in ways that lead to consistent superior returns. We are a group of international entrepreneurs, investors, experts and mentors, committed to help founders, by providing access to a network of partners, talent, investors or customers and by sharing expert knowledge in these fields.

Impact Fund Denmark is a private equity and venture capital firm specializing in financing in the form of equity, mezzanine, loans, debt and guarantees. It makes socially conscious investments. It makes directly & indirectly investments. Under directly investing, it invests in early stage & growth capital investments. Under indirectly investments, it invests in venture capital funds. It specializes in establishing new companies, setting up joint ventures between Danish companies and local business partners and in acquiring existing companies. It provides financing to private-sector projects in the developing countries. The firm can only invest in countries whose 2008 GNI capita income is below $0.03 million with an exemption granted to South Africa, Botswana, and Namibia. Also, the host countries of investments must be on the OECD’s DAC list of development aid recipients. It invests where private sector financing is unavailable or insufficient. It invests in sustainable growth and high-impact solutions in developing markets/countries. It does not invest in Forced labor or child labor, Ozone depleting substances, PCB's (Polychlorinated Biphenyls) and other specific, hazardous pharmaceuticals, pesticides/herbicides or chemicals, wildlife or products regulated under the Convention on International Trade in Endangered Species or Wild Fauna and Flora (CITES), Unsustainable fishing methods, Cross-border trade in waste and waste products, unless compliant with the Basel Convention and the underlying regulations, Destruction of High Conservation Value areas, Radioactive materials and unbounded asbestos fibres, Pornography and/or prostitution, Racist and/or anti-democratic media, Alcoholic Beverages (except beer and wine), Tobacco, Weapons and munitions, Gambling, casinos and equivalent enterprises, Standalone fossil fuelled power plants, Drilling, exploration, extraction, refining and sale of crude oil, natural gas and thermal coal, Storage, supporting infrastructure (pipelines etc.), transportation and logistics, and services primarily related to fossil fuels, Any business using captive coal for power and/or heat generation, Electricity generation from peat and activities leading to deforestation, Investments and/or other projects that aim to produce or make use of agricultural or forestry products, Biomaterials and biofuel production, Export-oriented agribusiness mod, Meat and dairy industries. It prefers investing in commercial services and supplies, biofuels, electric power by solar and wind energy and irrigation systems sector. The firm seeks to invest in climate and Agribusiness. It focuses its investments in Green energy & infrastructure with focus on Clean, affordable renewable energy, Waste recycling and management, Energy efficiency, Water access and management; Financial Services with focus on Microfinance, MSME financing, Development banks and Insurance; Sustainable food systems with focus on Climate farming, Storage and distribution, Processing, Forest and land; Healthcare with focus on Hospitals and clinics, Pharmacy chains, Diagnostic services, Pharmaceuticals & medical equipment. The firm prefers to invest in companies based in Africa focusing on North Africa, Sub-Saharan Africa, South America, Central America, Middle East and Algeria, Angola, Benin, Botswana, Jordan, Denmark, Senegal, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo (Brazzaville), Democratic Republic of Congo, Côte d'Ivoire, Djibouti, Egypt, Arab Rep., Eritrea, Ethiopia, The Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, São Tomé and Principe, Sierra Leone, Somalia, South Africa, Sudan, South Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zambia, Zimbabwe; Asia focusing on Afghanistan, Bangladesh, Bhutan, Cambodia, China, Fiji, India, Indonesia, Iran, Iraq, Brazil, Malaysia, Turkey, Mexico, Kiribati, Laos, South Korea, North Korea, Kyrgyzstan, Maldives, Federal States of Micronesia, Mongolia, Myanmar, Nepal, Marshall Islands, Pakistan, Papua New Guinea, Philippines, Western Samoa, Solomon Islands, Sri Lanka, Syria, Tajikistan, Thailand, East Timor, Tonga, Turkmenistan, Tuvalu, Uzbekistan, Vanuatu, Vietnam, West Bank and Gaza, Yemen; Europe focusing on Albania, Russia, Armenia, Azerbaijan, Caucasus, Belarus, Balkans, Bosnia & Herzegovina, Bulgaria, Croatia, Montenegro, Romania, Slovenia, Georgia, Kosovo, Macedonia, Moldova, Serbia, Ukraine; and Latin America with a focus on Belize, Bolivia, Colombia, Cuba, Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras Nicaragua, Paraguay, Peru, Saint Lucia, Saint Vincent and The Grenadines, Suriname, Ecuador, and Jamaica and North Asia, United States of America, Latin America and parts of Europe. It seeks to invest between from DKK15 million ($2.32 million) and DKK500 million ($77.52 million). The firm can invest up to DKK350 million ($51.34 million) per company. The firm seeks to co-invest with Danish businesses in projects based in developing countries. It prefers to take minority stake between 10% to 30% and up to 49 per cent in small projects. It prefers to take a board membership. The firm prefers to exit its investments within five to seven years when the loan has been repaid or the shares have been sold. The firm also offers special assistance to small and medium-sized enterprises which employs less than 300 employees, with an annual revenue of up to DKK 300 million ($53.16 million) and has a positive result in two out of three latest financial years. It also provides advisory services to business investments in developing countries. The firm makes two thirds of its investments in partnership and can also provide additional financing. Impact Fund Denmark was founded in 1967 and is based in Copenhagen, Denmark with additional offices across Asia, Europe, South America, and Africa.

New Venture Brokerage (NVB) is a licensed digital broker offering a comprehensive investment platform for individual investors, banks, brokers, and financial professionals. NVB integrates private and public markets, wealth management services, and pre-selected VC & PE deal providers, enabling investors to build diversified portfolios and manage their assets in one place. The NVB platform allows B2B partners to create and issue packaged financial products with an ISIN number, making them as easily tradable as public shares, launch their VC & PE investment business and run it online minimizing the operational burden. This elegant and technologically advanced solution opens the market to new entrants globally, providing unlimited opportunities to launch and grow an investment business.

Flashpoint Venture Capital invests in software companies founded by entrepreneurs from Central and Eastern Europe, Israel, Finland, Baltics, Armenia, Belarus, Russia and Ukraine. Our sweet spot is business-to-business software-as-a-service solutions in the initial revenues stage (round “A”). However, we also invest in business-to-consumer applications. Founded in 2012, Flashpoint is an international technology investment firm that manages venture equity, debt and secondary funds with over $350m assets under management. Flashpoint funds invest in software companies launched by teams originating from the Eastern Europe and Israel. The sweet spot is business-to-business SaaS solutions, however, the company also invests in compelling B2C applications being sector and business model agnostic. We are happy to learn about any innovative software solutions, even in pre-revenue stages.

Vardanyan, Broitman & Partners LLC (VB Partners) is a private investment company managing the assets of Ruben Vardanyan and his partners. Founded in 2013, VB Partners is engaged in structuring transactions, attracting investments, direct asset management, as well as organizing club transactions for investing in projects in traditional and new sectors of the economy.Thanks to the accumulated experience, VB Partners is involved in complex and complex transactions, including business restructurings, shareholder conflicts and special situations.The portfolio of assets under management includes both shares and debt claims rights to companies in Russia, Armenia and the United States. The total value of assets under management exceeds $1.5 billion.VB Partners invests the money of shareholders, partners and third-party investors. VB Partners' partners and co-investors include the largest Russian state and private companies, Russian and foreign entrepreneurs and investment funds.VB Partners aims to create sustainable businesses with a transparent corporate governance structure and attractive to Russian and foreign investors.VB Partners takes an active part in the management of portfolio companies - participates in the formation of an optimal development strategy, controls operational activities and the achievement of targets, develops long-term tools to motivate management, and also attracts debt and equity financing for business development.VB Partners is ready to consider participation in the role of a financial investor in companies with a clear business model and effective management both with their own money and with the involvement of partners and investors.

The Garage Syndicate Management LLC is a private equity, venture capital and secondary investing firm specializing in middle market, later stage, early venture, mid venture, late venture, Pre-IPO companies and growth capital investments. It also invest in venture capital and secondary investing fund of fund investments. It prefers to invest in technology sector. The firm prefers to invest companies based in Silicon Valley, New York, Boston, the Middle East, Europe and Asia. The firm prefers to exit in the early stage the exit period can be as long as four to six years, in the late stage the maximum exit period is three years. In pre-IPO deals, it is equal to the lockup period, which is usually six to twelve months. The Garage Syndicate Management LLC was founded in 2020 and is based in Claymont, Delaware with an additional offices in Dubai, United Arab Emirates; Yerevan, Armenia; London, United Kingdom and San Francisco, California.

The Swiss Investment Fund for Emerging Markets is a private equity and venture capital firm specializing in direct and fund of fund investments. The firm directly invests in mezzanine, middle markets, buyouts, mid to late venture, emerging growth, growth capital and in financial institutions with a small and medium enterprise or microfinance lending focus. It makes fund of fund investments in private equity fund, mezzanine funds and venture capital fund. The firm primarily invests in Healthcare, Education, Energy, water and resource, Business Activities and services including wholesale and retail trade, Infrastructure, Renewable Energy, Generalist, Financial service, Agribusiness, Aquaculture, Forestry, SME Development, Communication Services, manufacturing industry, transport & storage, Information & Communication Technology and consumer goods. The firm typically invests in countries whose GNI per capita is below the World Bank's IBRD graduation threshold. It seeks to invest in Latin America with a focus on Bolivia, Columbia, Central America, Cuba, and Haiti Peru; Sub Saharan Africa with a focus on Benin, Burkina Faso, Chad, Ghana, Greater Klakes Region, Horn of Africa, Mali, Mozambique, Niger, South Africa, SADC Region, and Tanzania; Middle East and Africa with a focus on Egypt, Jordan, Morocco, Occupied Palestinian Territory, and Tunisia; Southern and Eastern Europe, and CIS with a focus on Albania, Armenia, Azarbaijan, Bosnia, Georgia, Kazakhstan, Kosovo, Macedonia, Moldova, Serbia, Tajikistan, and Ukraine; and Asia with a focus on South-East Asia, Afghanistan, Bangladesh, Cambodia, Indonesia, Lao DPR, Mongolia, Myanmar, Nepal, Pakistan, Sri Lanka, and Vietnam. The firm invests at least 60 percent of its investment volume in any year to these priority countries. In cases of regional or global funds, the geographical criteria is fulfilled if at least 50 percent of fund or financial institution investment is made in the priority countries. Its primary focus is on institutions investing in the small and medium enterprise sector along with selective investments in microfinance and infrastructure projects. The firm seeks to invest between $2 million and $40 million in funds. It sources its capital through institutional investors. The firm prefers majority stakes. The firm invests in the form of loans and other debt instruments including secured or unsecured, subordinated, convertible or equity linked; direct equity or quasi-equity investments; and guarantees. It may also act as co-investor in the underlying portfolio companies of its private equity funds. The Swiss Investment Fund for Emerging Markets was founded in 2005 and is based in Geneva, Switzerland with additional offices in Bern, Switzerland.