Formula VC

Early-stage support for Armenian and regional teams

From Yerevan, Formula VC backs early-stage technology teams that aim to become global players. The fund's main focus is software-as-a-service, Internet of Things and artificial intelligence projects from Armenia and nearby regions. It describes its mission as helping start-ups grow through its network and resources during the early stages of growth.

What a project needs to show

The fund looks at projects that have already been funded by angel groups or another pre-seed vehicle, or that have been bootstrapped. It also expects a sustainable level of recurring revenue, or an active user base in the hundreds of thousands. These thresholds are described on the site as the entry point for fund consideration, and the firm presents itself as an early-stage investor for teams that have already shown they can grow.

Network, access and advisers

The fund says it has early access to deals with growth potential, and it describes a network that includes founders of decacorns and unicorns, partners at large venture funds and executives from some of the world's biggest technology companies. Its advisory board is drawn from global innovation and financial centres, and its team is active in innovation ecosystems across Armenia and Europe.

Armenia as a technology centre

The fund's material presents Armenia as a country with a long record in computing and electronics engineering, which it sees as the foundation for a modern innovation hub. It describes itself as a pioneer early-stage venture fund in the country's emerging ecosystem, and it points to an angel network, an incubator for start-ups and an international fund investing in Internet of Things companies as part of the wider infrastructure around its work.

Team, pipeline and approach

The fund's team is described as strongly involved in innovation ecosystems, with an early view of promising deals and a focus on founders whose technology has a clear route to international markets. The fund presents its work as a combination of patient support and practical introductions, and it says the advisory and network resources it offers help teams reach global markets.