Business

Tech fund launched to support Armenian entrepreneurs

Aybuben Ventures has launched the first venture capital fund primarily dedicated to Armenian tech entrepreneurs around the world. The initial value of the fund is set to be 50 million US dollars.

The average deal size is expected to be between 500,000 US dollars and three million US dollars, with Aybuben Ventures targeting a capital share of five to 25 per cent.

Alexander Smbatyan, founding partner, Aybuben Ventures, said: “Our mission is to support Armenian entrepreneurs in the most rapidly growing tech industries with a core focus on artificial intelligence, machine learning and virtual reality.”

“We see our mission as follows: 10 million Armenians live around the world. Hundreds of thousands are infused with entrepreneurial spirit and the will to create and develop new and exciting developments. We want to partner with at least 1,000 of these entrepreneurs to launch tech companies that will make a difference within the coming five years,” added Alexandr Yesayan, another of Aybuben’s founding partners.

Arman Vardanyan, CEO of C-Quadrat Ampega Asset Management Armenia, said: “IT is one of the most successful and fastest growing industries in Armenia and many people are leveraging great potential in this area. Making Armenia an IT hub, building links between the disruptive tech businesses and the capital market is a forward looking initiative of Aybuben Ventures. It will help to keep talent in the country, cultivate great ideas and build on the potential that Armenia has, so its growth and development potential is realised. We at C-Quadrat Ampega Armenia and our German and Austrian shareholders are happy to support this great initiative and will consider making investments in Aybuben Ventures at its set-up and subsequent rounds, within the framework of the company’s investment policy. We will also put our best efforts into raising the fund’s awareness through our network and partners in Armenia and abroad.”