# Investors based in Armenia (2026 list)

> 37 investors based in Armenia, 3% active in the last 12 months. Led by Granatus Ventures, Formula VC, UNION. Ranked by what they funded.

Source: https://millionrounds.com/lists/investors-based-in-armenia (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# Investors based in Armenia

Updated 7 November 2026

Firms headquartered in Armenia, ordered by what we have observed them do rather than by what they claim to invest in. Where a firm sits is not where it invests; for that, see investors in Armenia.

[See all 37 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Finvestors-based-in-armenia)The top 25

**37** investors on the list No change this week

**1** cheques in 12 months Too few cheques to tell

**$17M** median round they joined *+106%* against the market median

**3%** wrote a cheque in 12 months

**0%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (1)

- 1 [Granatus Ventures](https://millionrounds.com/fund/granatus-ventures) quiet VC firm · Armenia **8** **$460K** median round **Nov 2015** last seen
- 2 [Formula VC](https://millionrounds.com/fund/formula-vc) *Deploying now* VC firm · Armenia **3** **$17M** median round **May 2026** last seen
- 3 [UNION](https://millionrounds.com/fund/union) quiet VC firm · Armenia **1** **$23M** median round **Jul 2025** last seen
- 4 [ARCTYRON TECHNOLOGIES](https://millionrounds.com/fund/arctyron-technologies) unknown VC firm · Armenia **none observed** **-** median round **-** last seen
- 5 [Angel Investor Club of Armenia (AICA)](https://millionrounds.com/fund/angel-investor-club-of-armenia-aica) unknown Angel network · Armenia **none observed** **-** median round **-** last seen
- 6 [ArmTech Impact VC](https://millionrounds.com/fund/armtech-impact-vc) unknown VC firm · Armenia **none observed** **-** median round **-** last seen
- 7 [Armenian National Interests Fund](https://millionrounds.com/fund/armenian-national-interests-fund) unknown Government · Armenia **none observed** **-** median round **-** last seen
- 8 [Armenian Youth Empowerment Fund/AYEF](https://millionrounds.com/fund/armenian-youth-empowerment-fund-ayef) unknown Investment firm · Armenia **none observed** **-** median round **-** last seen
- 9 [Aybuben Ventures](https://millionrounds.com/fund/aybuben-ventures) unknown VC firm · Armenia **none observed** **-** median round **-** last seen
- 10 [BANA Angels](https://millionrounds.com/fund/bana-angels) unknown Angel network · Armenia **none observed** **-** median round **-** last seen
- 11 [Balchug Capital](https://millionrounds.com/fund/balchug-capital) unknown Private equity · Armenia **none observed** **-** median round **-** last seen
- 12 [Berkeley Fund](https://millionrounds.com/fund/berkeley-fund) unknown Investment firm · Armenia **none observed** **-** median round **-** last seen
- 13 [Capital Asset Management CJSC](https://millionrounds.com/fund/capital-asset-management-cjsc) unknown Investment firm · Armenia **none observed** **-** median round **-** last seen
- 14 [Diaconia Charitable Fund](https://millionrounds.com/fund/diaconia-charitable-fund) unknown Investment firm · Armenia **none observed** **-** median round **-** last seen
- 15 [Dimension Investments](https://millionrounds.com/fund/dimension-investments) unknown Investment firm · Armenia **none observed** **-** median round **-** last seen
- 16 [Encore Asset Management](https://millionrounds.com/fund/encore-asset-management) unknown Armenia **none observed** **-** median round **-** last seen
- 17 [Fast Credit](https://millionrounds.com/fund/fast-credit) unknown VC firm · Armenia **none observed** **-** median round **-** last seen
- 18 [Forgeup Ventures](https://millionrounds.com/fund/forgeup-ventures-2) unknown VC firm · Armenia **none observed** **-** median round **-** last seen
- 19 [FormulaVC venture fund](https://millionrounds.com/fund/formulavc-venture-fund) unknown Investment bank · Armenia **none observed** **-** median round **-** last seen
- 20 [Fund for Rural Economic Development in Armenia](https://millionrounds.com/fund/fund-for-rural-economic-development-in-armenia) unknown Government · Armenia **none observed** **-** median round **-** last seen
- 21 [Gazelle Finance Armenia](https://millionrounds.com/fund/gazelle-finance-armenia) unknown Private credit · Armenia **none observed** **-** median round **-** last seen
- 22 [Hayastan All Armenian Fund](https://millionrounds.com/fund/hayastan-all-armenian-fund) unknown Investment firm · Armenia **none observed** **-** median round **-** last seen
- 23 [Integra Asset Management Limited](https://millionrounds.com/fund/integra-asset-management-limited) unknown Armenia **none observed** **-** median round **-** last seen
- 24 [Lili](https://millionrounds.com/fund/lili) unknown Investment firm · Armenia **none observed** **-** median round **-** last seen
- 25 [Little Star Charitable Fund](https://millionrounds.com/fund/little-star-charitable-fund) unknown Investment firm · Armenia **none observed** **-** median round **-** last seen

**12 more on this list**

All 37 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Finvestors-based-in-armenia)

## The Newest Cheques

Rounds this list's investors joined most recently

- **14** May **[Wirestock](https://millionrounds.com/company/wirestock)** Series A · $23M *With* [Formula VC](https://millionrounds.com/fund/formula-vc)
- **10** Jul **[Foundation EGI](https://millionrounds.com/company/foundation-egi)** Series A · $23M *With* [UNION](https://millionrounds.com/fund/union)
- **19** Dec **[BlueQubit](https://millionrounds.com/company/bluequbit)** Seed · $10M *With* [Formula VC](https://millionrounds.com/fund/formula-vc)

## Stages This Year

1 rounds

- Series A **100%**

## What They Backed

Sectors, last 12 months

- AI **1**
- Big Data & Analytics **1**
- Marketplaces **1**

## Cheques by Quarter

Led Joined

Q1 25

Q2 25

1 Q3 25

Q4 25

Q1 26

1 Q2 26

Q3 26

Q4 26

The last bar is the quarter still running.

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[All investor lists *→*](https://millionrounds.com/lists)

## Quick answers about investors based in Armenia

### Who are the most active investors based in Armenia?

By cheques observed, the most active are Granatus Ventures, Formula VC, UNION, ARCTYRON TECHNOLOGIES and Angel Investor Club of Armenia (AICA).

### How many investors based in Armenia are there?

37 are on record. 3% made an investment in the last 12 months.

### Which stages do investors based in Armenia back?

Of the rounds with a named stage in the last 12 months, mostly Series A (100%).

### Which sectors do investors based in Armenia back most?

In the last 12 months, mostly AI, Big Data & Analytics and Marketplaces.

### What have investors based in Armenia invested in recently?

Recent rounds include Wirestock (Series A, May 2026, with Formula VC), Foundation EGI (Series A, Jul 2025, with UNION) and BlueQubit (Seed, Dec 2024, with Formula VC).

### How is this list of investors based in Armenia ranked?

By cheques observed, from the rounds and filings we watched, and never by anything anyone paid for. It is rebuilt every night.

### Can I see all 37 investors based in Armenia?

The top 25 are here. All 37 are in the app, with filters for stage, sector, market and cheque size. A free account shows 10 per search, Pro up to 1,000.

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)