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Top 10 Active Investors in Armenia 2025: Complete Guide for Founders

Deqian Jia
Deqian Jia
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Armenia InvestorsArmenian VCFundraisingVenture CapitalStartups

Armenia has quietly turned into a serious tech hub: deep-tech, AI, dev tools, SaaS, and hardware-adjacent companies are popping up everywhere — backed by a mix of local funds and diaspora capital.(about.crunchbase.com)

If you're an Armenian founder (or building with Armenian talent), your investor list should look very different from the usual "Sequoia / a16z" spray-and-pray. This guide is designed to be that list.

When preparing your pitch, having a professional data room is essential. Peony helps Armenian startups organize investor materials with AI-powered document organization, track investor engagement with page-level analytics, and securely share sensitive financial and operational data. With transparent pricing at $40/user/month, Peony delivers enterprise-grade secure data rooms without the $5,000-20,000 per-deal costs of legacy platforms.

We'll cover:

  1. How to pick the right Armenia-focused investors
  2. Deep dives on 10 active investors actually writing checks
  3. Five quick, tactical tips for pitching them

1. How to Pick the Right Armenia-Focused Investors

1. Know your stage (and don't waste cycles)

Roughly how the Armenian capital stack breaks down right now:

  • Idea / pre-product / very early

    • Angel groups & networks like BANA Angels and STAN (Science & Technology Angels Network)
    • Some very small tickets from SmartGateVC, BigStory VC, Formula VC at pre-seed(smartgate.vc)

  • Pre-seed / Seed

    • Deep-tech / AI: SmartGateVC, Granatus Ventures, Triple S Ventures, Formula VC(Granatus Ventures)
    • General tech / SaaS / B2B: BigStory VC, HIVE Ventures, Insta Ventures, Acrobator Ventures(bigstory.vc)

  • Seed → early Series A

    • Granatus Ventures, HIVE Ventures, Triple S Ventures, sometimes global co-investors via these funds' networks(Granatus Ventures)

So first filter: what is my honest stage? If you're pre-product, you're much more likely to get traction with angels + pre-seed funds than with a proper Series A-style process.

2. Match sector + thesis, not just "tech"

Most Armenia-connected funds are thesis-driven, not "anything tech":

  • Deep-tech / AI / hard problems

    • SmartGateVC: "Physical AI, BCI, cybersecurity, AI x hardware/IoT"(smartgate.vc)
    • Triple S Ventures: AI, cloud, medtech, sustainability, robotics(LinkedIn)
    • Granatus: social/mobile/analytics/cloud and broader IT, often with technical depth(Unicorn Nest)

  • B2B SaaS / software platforms

    • Granatus, BigStory, Formula VC, Insta Ventures, Acrobator all lean hard B2B/SaaS.(fundcomb.com)

  • Armenian founder / talent angle

    • HIVE Ventures only backs Armenian entrepreneurs (globally).(Hive Ventures)
    • SmartGate, Granatus, BigStory, Formula all explicitly aim to leverage Armenia's engineering base.(Granatus Ventures)

If your product doesn't match their thesis, you're fighting gravity. Filter accordingly.

3. Decide: local vs diaspora vs global-Armenia hybrid

Broadly:

  • Primarily Armenia-based funds / groups

    • Granatus Ventures, SmartGateVC, BigStory VC, Formula VC, Triple S Ventures, BANA Angels, STAN(Granatus Ventures)

  • Diaspora-led but Armenia-focused

    • HIVE Ventures (Silicon Valley based, Armenian entrepreneurs globally)(Hive Ventures)
    • Acrobator Ventures (CEE/Baltic/Eastern diaspora focus incl. Armenia)(OpenVC)

  • Cross-border investors active in Armenia

    • Insta Ventures (HQ Cyprus/Germany but invests in Armenian startups like Lucky Carrot and appears in Armenia VC lists).(insta.vc)

For a founder, the trade-off is:

  • Local funds: tighter on-the-ground support, local intros, more Armenia-specific empathy
  • Diaspora/global funds: broader follow-on access, customers abroad, exits / partnerships

Ideally you combine them in your round.

4. Value-add: accelerators, hubs & tours

In Armenia, a lot of the value-add comes via programs + hubs, not just cash:

  • Hero House / Armenia Startup Academy around SmartGateVC: deep-tech and AI-heavy programs plus US exposure.(smartgate.vc)
  • Investor Tours & DigiTec / WCIT organised with BANA Angels: bringing 35–60+ global investors to see Armenian startups.(Asbarez)
  • BAJ Accelerator and ecosystem programs STAN used early on to funnel science/tech founders into real capital.(STAN)

If you want real help (sales intros, hiring, global expansion), prioritise funds that run these programs or are plugged into them.

2. Top 10 Active Investors in Armenia (2025)

Here's the core list, optimised for reputation + activity in and around the Armenian tech ecosystem as of late 2025.

1. Granatus Ventures

Snapshot:

  • Type: Venture fund (Armenia's first VC fund)
  • Stage: Seed–early Series A
  • Focus: IT/software — social, mobile, analytics, cloud; more broadly SaaS and deep tech(Unicorn Nest)
  • Geo: Global, with emphasis on leveraging Armenian engineering talent(Granatus Ventures)

Why they matter: Granatus basically kicked off institutional venture funding in Armenia in 2013 and has backed flagship companies like PicsArt, SoloLearn, Krisp, CodeSignal, Superannotate and others — many of which built engineering teams in Armenia and went global.(X (formerly Twitter))

Good fit if you…

  • Are building globally ambitious SaaS / data / deep-tech
  • Already show traction (revenue or strong usage)
  • Can credibly make Armenia a core engineering/product hub

2. SmartGateVC

Snapshot:

  • Type: Pre-seed / seed deep-tech VC
  • Stage: Pre-seed & seed
  • Focus: "Physical AI", AI x hardware/IoT, brain-computer interfaces, cybersecurity, deep-tech.(smartgate.vc)
  • Geo: California + Armenia; structured around Hero House hubs in Glendale & Yerevan(smartgate.vc)
  • Activity: 19 portfolio companies as of Nov 2025, still investing via Seed Fund II.(Tracxn)

Why they matter: SmartGate is the deep-tech specialist. They combine capital with hands-on support, strong ties to US investors, and ecosystem initiatives like Armenia Startup Academy.(about.crunchbase.com)

Good fit if you…

  • Are building AI infrastructure, advanced hardware/IoT, security, or BCI
  • Have a technical founding team and a prototype or early traction
  • Want US + Armenia as a dual-hub story

3. HIVE Ventures

Snapshot:

  • Type: Diaspora-led VC fund
  • Stage: Seed / early growth
  • Focus: Armenian founders globally, with a skew toward B2B software and tech platforms(Hive Ventures)
  • Geo: Silicon Valley-based, invests wherever Armenian entrepreneurs are (US, Europe, Armenia, etc.)(Hive Ventures)
  • Portfolio: Backed companies like ServiceTitan, Gecko Robotics and others, with multiple exits and a unicorn.(Tracxn)

Why they matter: HIVE is the flagship diaspora fund. They bring heavy-duty Silicon Valley network, later-stage capital access and strong signalling if you're an Armenian founder going big.(AGBU)

Good fit if you…

  • Have at least one Armenian founder
  • Are playing in big global markets (US/EU focus helps)
  • Already have traction beyond idea stage

4. Triple S Ventures

Snapshot:

  • Type: Early-stage VC
  • Stage: Pre-seed & seed (with plans for later-stage vehicles)(Armenpress)
  • Focus: AI, cloud, medtech, sustainability, robotics, and "conviction-heavy" tech companies(LinkedIn)
  • Geo: Armenia-rooted but cross-border (US, MENA, regionally); 18 investments since 2022.(b24.am)

Why they matter: Founded by media/tech heavyweight Artur Janibekyan and Seaside Startup Summit co-founders, Triple S is a newer but very visible player, actively shaping Armenia's early-stage scene and expanding globally.(Arka Новости)

Good fit if you…

  • Are building serious tech (AI/infra/industry) with global potential
  • Want a fund that leans into storytelling, media, and international positioning
  • Are raising a structured pre-seed/seed with room for follow-ons

5. BigStory VC

Snapshot:

  • Type: Founder-led pre-seed/seed fund
  • Stage: Pre-seed & seed
  • Focus: Armenian founding teams, business software, medtech, deep-tech, edtech(b24.am)
  • Geo: Yerevan-based, focused on Armenian founders targeting global markets(bigstory.vc)
  • Activity: 10+ investments in Armenian startups in 2022 alone, with a target of ~$10M into ~24 startups over two years.(Armenpress)

Why they matter: BigStory is run by founders behind companies like Krisp and Podcastle, so the fund is very operator-driven: they understand the constraints of scaling from Armenia to the world.(b24.am)

Good fit if you…

  • Have a strong Armenian founding team
  • Are still early (MVP / first users)
  • Want hands-on operator help more than just a check

6. Formula VC

Snapshot:

  • Type: Early-stage VC
  • Stage: Primarily seed
  • Focus: SaaS, IoT, AI, and "Armenia as an innovation hub"(Formula VC)
  • Geo: Yerevan-based with a global portfolio; leverages the Armenian network to help startups scale.(fundcomb.com)
  • Portfolio: Investments include quantum computing platform BlueQubit and AI code-review tool Trag, among others.(PitchBook)

Why they matter: Formula sits in that nice middle: not exclusively deep-tech, but tech-heavy enough, and very focused on taking early-stage teams to global scale using Armenia as a core base.(fundcomb.com)

Good fit if you…

  • Are building B2B SaaS / dev tools / infra with clear global market
  • Have early traction + committed team
  • Want a fund that is comfortable with new frontiers (quantum, advanced SaaS)

7. BANA Angels (Business Angel Network of Armenia)

Snapshot:

  • Type: Angel network
  • Stage: Pre-seed and very early seed
  • Focus: Broad tech, with emphasis on Armenian founders and Armenia-linked startups
  • What they do:
    • Run angel training programs
    • Host pitch events and Investor Tours tied to major tech events (WCIT/DigiTec)(bana.am)

Why they matter: BANA is often the first institutional-ish money some founders see: small checks, but lots of mentorship and connections. They also co-invest alongside funds like Insta Ventures and others.(Spanish ecosystem platform)

Good fit if you…

  • Are still early (prototype, pilots)
  • Need smaller tickets + high engagement
  • Want exposure to multiple angels in one go

8. STAN – Science & Technology Angels Network

Snapshot:

  • Type: Thematic angel network (science & tech)
  • Stage: Idea–seed, with emphasis on science- and R&D-heavy projects
  • Focus: Deep science, frontier tech, Armenia-linked founders
  • Structure: Independent network spun out from FAST Foundation, uniting prominent Armenian professionals worldwide to co-invest in early-stage Armenian startups.(fast.foundation)

Why they matter: If you're doing hardcore science (biotech, AI research, engineering), STAN is one of the few groups in the region that understands technical risk and can help bridge academia → company.(about.crunchbase.com)

Good fit if you…

  • Are spinning out of a lab or doing patent-heavy work
  • Need angels who "speak research" and have global networks
  • Expect a longer R&D timeline before big revenue

9. Insta Ventures

Snapshot:

  • Type: Early-stage VC
  • Stage: Seed (sometimes late pre-seed)
  • Focus: B2B and D2C IT startups — SaaS, marketplaces, fintech, health, AI.(insta.vc)
  • Geo: HQ in Cyprus/Germany, but invests across Europe and has backed Armenian startups like Lucky Carrot, and appears on multiple Armenia VC lists.(TechLeap)

Why they matter: Insta is a non-Armenian HQ fund that still actively backs Armenian teams, often co-investing with BANA and local angels. They're useful if you want a more "pan-European" signal.(insta.vc)

Good fit if you…

  • Are a B2B / SaaS company with early revenue
  • Can show that you're building for EU + global markets
  • Want a non-local lead/collaborative investor alongside Armenian funds

10. Acrobator Ventures

Snapshot:

  • Type: Pre-seed / seed VC
  • Stage: Pre-seed & seed
  • Focus: Eastern diaspora founders (CIS, Baltics, CEE) building global B2B AI/ML and data-heavy software. Armenia is explicitly in their target country list.(OpenVC)
  • Geo: Based in Amsterdam with operations in Kyiv/Tbilisi; increasingly active in Armenia and broader region.(angelspartners.com)

Why they matter: Acrobator is one of the more sophisticated Eastern-diaspora funds looking at Armenia — they bring strong AI/ML and growth marketing expertise and co-invest with local players.(eu.vc)

Good fit if you…

  • Are a B2B / infra / AI company with early customers
  • Have a clear "Eastern origins → Western markets" story
  • Want a fund used to working with diaspora teams

3. Five Quick, Tactical Tips for Pitching These Investors

1. Lead with "Armenia + global", not just "we're in Yerevan"

Most of these funds exist to leverage Armenian talent into global outcomes. Show both:

  • Why Armenia is your superpower (talent, cost, focus)
  • How you'll win in the US/EU/MEA markets

Explicitly anchor this: "We're building the X of Y, headquartered in Armenia, selling primarily into [market]."

2. Be precise about stage & ask

Because rounds are often smaller in the region, vagueness kills deals.

  • State round size, min/max you'll take, and what that buys you (18–24 months, X users, Y ARR, Z markets).
  • Show a simple use-of-funds breakdown: team / product / GTM.

Funds like SmartGate, BigStory, Formula, Triple S, Insta, Acrobator are used to founders who know their numbers.(precisionstrategique.com)

3. Do your homework on each fund

Signal that you actually studied them:

  • Mention 1–2 portfolio companies you admire (e.g., "We see ourselves closer to the Krisp / Podcastle path BigStory backed…")(b24.am)
  • Reference their thesis language ("physical AI", "Armenian entrepreneurs globally", "Eastern diaspora founders").(smartgate.vc)

This is a tiny ecosystem — investors talk. Lazy, copy-pasted outreach travels fast.

4. Use the ecosystem to get warm intros

Your best shot at these funds is via:

  • Existing portfolio founders (Superannotate, Krisp, PicsArt, etc.)(X (formerly Twitter))
  • Local programs/hubs: Hero House, Armenia Startup Academy, BAJ Accelerator, FAST/Generation AI events, BANA Investor Tours.(smartgate.vc)

Make a short list of companies and programs you're near (school, work, community) and work sideways first, not straight into the partner's inbox.

5. Run a clean, credible process

Even at pre-seed, look like someone who could raise a Series A from top-tier global funds later:

  • Have a tight data room (deck, metrics, product demo video, customer pipeline, cap table, basic legal docs)
  • Use one clear narrative across all materials (email → deck → call → follow-up)
  • Time-box your process instead of "dribbling" your raise for 9 months

Armenian funds increasingly co-invest with global VCs and strategics; the more "professional" you look, the easier it is for them to bring partners into your round.(about.crunchbase.com)

Why professional data rooms matter for Armenian startup fundraising

Armenian startups need to present complex documentation—financial projections, regulatory compliance, partnership agreements, and market expansion plans—professionally to build investor confidence.

Peony helps Armenian startups create investor-ready data rooms with AI-powered organization that sets up in minutes instead of weeks.

Key benefits: page-level analytics show which documents investors review most, enterprise security protects sensitive information, and transparent pricing at $40/user/month—93-99% cheaper than legacy platforms charging $5,000-20,000 per deal.

Conclusion

Raising capital in Armenia in 2025 requires matching your stage, sector, and geography to the right investors. The funds on this list are actively deploying, but they're selective. Bring clear traction, a global ambition narrative, and an Armenia superpower story—not just local focus.

Having a professional data room is table stakes for serious fundraising. Peony helps Armenian startups organize investor materials, track engagement, and securely share sensitive data at a fraction of legacy platform costs.

Ready to pitch Armenian investors? Set up your investor data room with Peony in minutes, not weeks.

Q&A Section

What's the best way to organize investor materials for Armenian startup fundraising?

Peony offers AI-powered document organization that automatically structures financials, regulatory filings, and partnership agreements into a professional data room in minutes. Page-level analytics show which documents investors review most, helping you anticipate questions.

How can I track which investors are most engaged with my Armenian startup pitch?

Peony provides page-level analytics showing which documents investors review and how much time they spend on each section. This helps identify serious investors and tailor follow-up conversations with actionable insights.

What's the most cost-effective data room solution for Armenian startups raising capital?

Peony offers transparent pricing at $40/user/month—93-99% cheaper than legacy platforms charging $5,000-20,000 per deal. For a 5-person team, Peony costs $200/month vs $3,000-5,000+ for legacy platforms, delivering enterprise features at startup-friendly pricing.

How do I securely share sensitive financial and regulatory information with Armenian investors?

Peony provides enterprise-grade security with identity-bound access, dynamic watermarking, and screenshot protection. With link expiry and instant access revocation, you maintain complete control over sensitive documentation.

What data room features are essential for Armenian startups pitching to investors?

Armenian startups need data rooms that handle complex documentation: financials, regulatory compliance, partnership agreements, and market expansion plans. Peony offers AI-powered organization, page-level analytics, custom branding, and comprehensive security. With 10-minute setup vs weeks for legacy platforms, Peony helps Armenian startups look professional without breaking the budget.

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