New Multi Group venture capital to support startups in Armenia

YEREVAN, SEPTEMBER 4, ARMENPRESS. A venture capital called Multi Group has been founded in Armenia with the goal to provide financial support to startups, minister of transportation, communication and information technologies Ashot Hakobyan said at a press conference today.

He said that the venture fund’s initial capital is 1,000,000 dollars.

“During the past three months we’ve had numerous meetings with international IT institutions, reputed organizations with the purpose of creating a national venture fund in Armenia. We presented the idea of creating the fund in Toronto, Los Angeles and New York and we received positive feedback,” he said.

He said that the ministry is actively working for creating the national venture fund.

Hakobyan says they’ve submitted an amended version of the bill on granting tax privileges to IT startups for approval to the PM’s office.

Edited and translated by Stepan Kocharyan