Guide to the Armenian Investment Scene
Ruben Osipyan, https://t.me/threenstartups
Intro
This list will help the startup founders and people who are interested with the Armenian investment ecosystem to easier navigate in it and get a quick information about the key players in the market.
Angel Investor Club of Armenia (AICA)

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 Entrepreneurs 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.
AICA's Key People
- Arthur Mikaelyan, President & Co-Founder
- Samson Avetian, VP & Co-Founder
- Anna Gevorgyan, Co-Founder
AICA website
Business Angel Network of Armenia (BANA)

Business Angel Network of Armenia (BANA) is a network of investors, entrepreneurs and executives from Armenia and abroad interested in making investments in startup companies. In addition to capital, the members bring their expertise, experience and network to influence the success of the startups they invest in.
Uniting accomplished business leaders from around the world and connecting them to promising startups, BANA creates value both for investors and entrepreneurs. The investors benefit from opportunities for financial return by getting access to quality deal flow and co-investing with other BANA members whose expertise spans a wide range of fields.
BANA is building an ecosystem that facilitates successful investments. We regularly organize workshops for investors to collaborate with their peers and learn from experienced investors from around the world. BANA members get support and access to a range of services to ease the process of investment and portfolio management.
BANA's Key People
- Grigor Hovhannisyan, Director
- Sona Veziryan, Deputy Director
- Manana Melkonyan, Program Director
BANA Website
Hero House Angels

Hero House Angels is a community of individual investors and mentors who back the growth of deep tech and science-driven companies across Eastern Europe and Southern California with network, mentorship, and capital.
Key People at Hero House Angels
- Liana Karapetyan, Director
- Mané Yeganyan, Program Manager
Hero House Angels Website
https://www.herohouse.io/angel-network
Science & Technology Angels Network (STAN)

The Science and Technology Angels Network is expanding its operations by offering investment opportunities via 3 main tracks:
- Traditional angel investments
- Women entrepreneurship
- Moonshot projects
STAN provides access to risk capital and offers vast expertise that will be leveraged to support the companies with strategic advice, mentorship, and connections for their development. STAN members share a common vision of making Armenia a research and innovation powerhouse.
The objectives of the STAN are as follows:
- Facilitate joint investments in science and technology startups in Armenia,
- Share best practices among business angel investors, expand their network and increase investors’ non-financial value through their membership,
- Assist in communication with potential investors and partners of angel investors,
- Support each member in pursuing their investment policies for increasing the value of the investments.
STAN's Key People
- Igor Khalatian, Co-Chair, Founding Angel
- Ruben Arutyunyan, Co-Chair, Founding Angel
- Armen Orujyan, Founding Angel, Founding CEO of FAST
STAN's Website
https://www.fast.foundation/en/program/865
Granatus Ventures

Granatus Ventures is the first Venture Capital firm with offices in Yerevan, London and Singapore providing investment, networks and expertise to startups worldwide that leverage Armenia's potential as an emerging technology hub.
Key People of Granatus Ventures
- Manuk Hergnyan, Co-founder and Managing Partner
- Yervand Sarkisyan, Co-Founder & Partner
- Pierre Hennes, Co-Founder & Partner
- Fedi Meliksetyan, Investment Manager
Granatus Ventures Website
https://www.granatusventures.com/
SmartGate VC

SmartGateVC is a Silicon Valley pre-seed VC backed by Tim Draper and a network of entrepreneurs and professionals US, Europe, and MENA. Primarily invests in the startups focused in Artificial Intelligence (AI), Security, Internet of Things.
Key People of SmartGate VC
- Ashot Arzumanyan, Partner
- Vazgen Hakobjanyan, Partner
- Armine Galstyan, Principal
SmartGate VC Website
BigStory VC

A VC run by Armenian founders to help exceptional Armenian founders build high-impact, global companies.
Key People of BigStory VC
- Arto Minasyan, Partner
- Davit Baghdasaryan, Partner
- Arto Yeritsyan, Partner
BigStory VC Website
Formula VC

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+.
Key People of Formula VC
- Karen Vardanyan, Partner
- Grigor Hovhannisyan, Partner
Formula VC Website
Triple S Ventures

Triple S team prioritizes companies that initiate core value-add activities in Armenia, as well as invest in other geographic regions. They are looking for uniqueness & novelty of entrepreneurial vision.
By deploying their expertise and contacts, they can influence the company’s operations in ways that lead to consistent superior returns. Triple S Ventures is 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.
Support areas:
- Mentoring & Consulting
- Mandating, Strategizing
- Legal advice / Intellectual Property
- Outreach Strategy
- Recruiting Management
- Accounting & Financial Consulting
Key People of Triple S Ventures
- Artur Janibekyan, General Partner,
- Avag Simonyan, Managing Partner
- Zaré Baghdasarian, Venture Partner
- Hakob Hakobyan, Partner
Triple S Website
HIVE Ventures

HIVE Ventures invests in Armenian entrepreneurs who build global companies. We partner with early stage startups worldwide, from Silicon Valley to Armenia.
Our mission is to help catalyze the global Armenian tech ecosystem by investing in Armenian founders or companies that hire talent in Armenia.
We provide funding, operational guidance, and access to our network of world-class talent and advisors. We also promote innovation and entrepreneurship amongst the next generation of aspiring founders through events and workshops.
Key People of HIVE Ventures
- Nina Achadjian, Founder
HIVE Ventures Website
Himk Capital

Himk Capital invests in global seed stage startups across all sectors. We invest and support startups led by Armenian entrepreneurs, and startups with operations in Armenia.
We provide funding, a team of operator investors, an exclusive resource library, technology partners, and more to propel product-market fit and scale in global markets.
Key Peolpe of Himk Capital
- Robert Avakian, Partner
- Nerses Margaryan, Partner
- Alexandra Avetian, Partner
- Petros Dertsakyan, Partner
- Giorgio Andonian, Partner
- Hakob Stepanyan, Partner
Himk Capital Website
Untapped Ventures

Untapped Ventures is a venture studio and pre-seed fund in Los Angeles on a mission to help people achieve the best version of themselves, personally and professionally.
Leveraging our powerful network and unique methodology, we found and fund companies at the intersection of the Web3, Fintech, and AI.
Key People at Untapped Ventures
- George Bandarian, Founder, General Partner, and CEO
Untapped Ventures Website
https://www.untapped.ventures/
Hye Ventures

Hye Ventures was founded in 2021 with the mission to create a global Armenian tech ecosystem through investments in Armenian entrepreneurs through mentorship and community building opportunities.
We look to unlock capital and innovation through strong connections to global founders which will contribute to a stronger ecosystem.
Key People of Hye Ventures
- Noubar Tedjirian, Founder
Hye Ventures Website
Ruben Osipyan,