Venture Capital in Armenia
Every venture capital record the directory holds in Armenia.
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Formula VC
Founded in 2021 by Grigor Hovhannisyan and Karen Vardanyan, Formula VC is a Yerevan-based early-stage fund focused on SaaS, IoT, and AI startups with Armenian roots. Fund I ($7M) was fully deployed into 22 companies including CoinStats, EasyDMARC, BlueQubit, Expper Technologies, and Zoomerang. In February 2025 Formula VC launched Fund II with a $30M target, aiming to back 40 Armenian-founded startups globally at pre-seed and seed. The fund invests $500K–$1M per company and is backed by C-QUADRAT AAM Armenia among other LPs.
Granatus Ventures
Founded in 2013 by Manuk Hergnyan, Pierre Hennes, and Yervand Sarkisyan, Granatus Ventures is a Yerevan-headquartered deep-tech VC with ~$40M AUM and offices also in London and Singapore. The firm focuses on university spinouts across AI, biotech, advanced computing, robotics, industrial automation, and climate tech, sourcing deals from Oxford, Cambridge, and Berkeley. Notable portfolio companies include BlueQubit (quantum software), Gecko Robotics (industrial inspection unicorn), and Zoundream (infant cry analysis). As of 2025 the fund remains actively deploying capital across its global deep-tech mandate.
SmartGateVC
SmartGateVC is a pre-seed and seed deep-tech venture fund co-headquartered in Yerevan and Glendale, California, founded in 2018. It focuses on AI applied to healthcare, biotech, security, and IoT, and manages a portfolio of over 40 companies. The fund is backed by Tim Draper and One Way Ventures, and the majority of its portfolio companies leverage Armenia for R&D operations.
