Deputy Speaker Arshakyan lauds growing high-tech sector during Formula VC II launch

On February 27, the Deputy Speaker of Parliament Hakob Arshakyan participated in the official opening ceremony of the Formula VC II fund.

In his remarks, Arshakyan highly appreciated the significance of the event in the tech sector of Armenia. 

He lauded that Formula VC is entering its second stage, where tens of millions of dollars will be invested in the development of the startup ecosystem of Armenia.

“We must also note that over the past 5 years, the gross result [output] of high-tech industry companies in GDP has more than tripled. This is the result of the work of the partners in the technological sector, as well as the many times greater efforts and financial investments by the Government in the fields of education and science, high technologies,” the parliament’s press service quoted Arshakyan as saying. 

He said that one of the important components of venture capital is the creative mind encouragement, as well as engaging in the financial and other risks of the entrepreneurs with a creative mind. "This is also leadership, because all those people from Armenia and the Diaspora who are involved in the venture fund will support both startups and not-so-new start-ups, developing companies, through their knowledge, experience and international connections. This also creates great opportunities for those established and growing companies in terms of entering international markets," Hakob Arshakyan underlined.

The Deputy Speaker expressed confidence that the creation of a new venture fund that encourages institutional and creative thinking, the willingness to start a new business and make investments in the technological sector, will revitalize not only the high-tech sector but also the growth in other sectors.

The Deputy Prime Minister Mher Grigoryan and the Minister of High-Tech Industry Mkhitar Hayrapetyan also delivered welcome speeches at the official launch of the Formula VC II fund.

The event was attended by investors, Government representatives, international partners, representatives of the technology community and others. 

Formula VC is a venture fund that invests in early-stage startups. The fund aims to support Armenian companies by helping them expand and become international leaders.