New fund set up to finance IT start-ups

YEREVAN, March 29. /ARKA/. Several private Armenian investors have set up a special fund with the initial capital of $200,000 to finance IT start-ups, transport, communications and information technology minister Vahan Martirosyan said today.

Speaking at a news conference the minister said the establishment of the fund was prompted by a string of discussions with successful Armenian IT companies, which mentioned that many start-ups in Armenia face primarily financial problems.

"We have not yet decided how this fund will be called. What is definite is that the investors are ready to finance the ideas of young start-ups,’ he said.

"The initial capital of about $200,000 is expected to increase to several million, after which the fund will be reorganized into a club of business angels or a private venture fund," Martirosyan said. He noted that the fund will be open to all companies and individuals wishing to show assistance to start-ups.

At the first stage, 10 projects will get financing to the tune of $200,000. They have to submit their projects before April 13. The beneficiaries will be selected by a council that will consider such  factors as the teams’ knowledge, ideas and goals.

The fund will provide not only financial, but also venture assistance, as well as accounting advice. -0-

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17:31 03/29/2017