Deputy Speaker of the Armenian Parliament Hakob Arshakyan attended the official launch event of the Formula VC II fund on February 27, delivering an opening speech. He emphasized the fund's crucial role in developing the country’s tech sector.

Arshakyan expressed satisfaction with the fund's expansion into its second phase, which will allocate tens of millions of dollars to fuel the growth of Armenian startups.

He stressed that a key component of venture capital is encouraging innovation while supporting entrepreneurs with financial backing and risk mitigation.

"This initiative also demonstrates leadership, as individuals from Armenia and the diaspora involved in the venture fund will extend their expertise, experience, and international connections to both emerging and established companies. This creates significant opportunities for these companies to enter global markets," Arshakyan stated.

He expressed confidence that institutional and creative thinking, a willingness to launch new businesses and attract investments in the tech industry, along with the establishment of a supportive venture fund, will drive growth not only in high-tech but also in other sectors.

During the launch event, Armenia’s Minister of High-Tech Industry, Mkhitar Hayrapetyan, also delivered remarks, congratulating the fund on its initiation and highlighting its significance for the country's tech ecosystem.

Citing data from the State Revenue Committee (SRC), Hayrapetyan noted that in 2024, the IT sector’s turnover reached 915 billion drams, while including certain high-tech industries, the figure surpassed 1.15 trillion drams. The sector’s continued growth indicates a competitive tech environment that attracts new investments, top talent, and innovative ideas.

"Public and private sector investments in technology have led to tangible success. Today, the technology component of the economy accounts for around 7-8% of GDP, but we are confident that the existing potential will allow us to double this figure in the coming years. To achieve this, the government plans to scale up investment programs aimed at the long-term development of the tech industry," the minister stated, emphasizing the vital role of venture capital funds.

The event also featured a panel discussion with startup founders, who shared their success stories and addressed industry challenges.

Formula VC launched its operations in 2021. The first fund, Formula VC I, has already helped 22 Armenian-origin companies achieve global success in cybersecurity, artificial intelligence, quantum technologies, and other fields.

Formula VC is a venture capital fund that invests in early-stage startups, fostering the growth of Armenian companies and their expansion into global markets. The new fund aims to invest $30 million in 35-40 tech startups. Formula VC II has brought together investors and advisors from over 20 countries, creating an international platform for Armenian startups regardless of their location.