YEREVAN, February 28. /ARКА/. The unprecedented decision of the C-QUADRAT Ampega Asset Management Armenia pension fund to invest $1 million in the Formula VC venture fund in 2024 is very important for Armenia, said Arman Vardanyan, CEO of C-QUADRAT Ampega Asset Management Armenia, summing up the results of a year of cooperation with the Formula VC venture fund.
The day before, the Formula VC venture fund announced the launch of the Formula VC II venture fund, which will invest $30 million in 40 Armenian tech startups around the world.
“Innovations are gaining momentum in Armenia, but without funding, these ideas will remain ideas, and each new successful startup means new jobs, new suppliers, new markets, and new international connections,” Vardanyan said.
He noted that this investment was made in favor of pension funds with approximately 390,000 participants who trust their pension savings to these structures and thus create an opportunity to invest in the technological future of Armenia.
According to Vardanyan, today a sufficiently favorable ecosystem has been formed in Armenia for innovative ideas to turn into a successful business.
About the Formula VC fund
The Formula VC venture fund with a volume of $7 million began its activities in 2021. Thanks to Formula VC investments, I 22 companies of Armenian origin have already achieved success, including in cybersecurity, artificial intelligence, quantum technologies and other areas.
According to Formula VC co-founder Karen Vardanyan, the market value of the companies in the fund’s portfolio has already exceeded $500 million, and over the past 4 years, the value of these companies has tripled.
About C-QUADRAT Ampega Asset Management Armenia
C-QUADRAT Ampega Asset Management Armenia is a pension and investment fund management company. The company manages assets of pension and investment funds of about 390 thousand participants in the amount of more than 400 billion drams.
C-QUADRAT Ampega Asset Management Armenia was founded in 2013 with the participation of the Austrian investment company C-QUADRAT and the German Ampega Asset Management, part of the Talanx AG Group. -0-
