YEREVAN, Armenia, Oct. 18, 2019 /PRNewswire/ -- Within the WCIT 2019 a ground-breaking initiative was announced by Aybuben Ventures - the first Pan-Armenian venture capital fund primarily dedicated to Armenian tech entrepreneurs from all over the world to launch with an initial $50 million fund.
The average deal size is expected to be between $500,000 and $3 million with Aybuben Ventures targeting a capital share of between 5 to 25%.
Alexander Smbatyan, Founding Partner, Aybuben Ventures, said: "Our mission is to support Armenian entrepreneurs in the most rapidly growing tech industries with a core focus on artificial intelligence, machine learning and virtual reality."
Alexandr Yesayan, Founding Partner, Aybuben Ventures, added: "Aybuben means alphabet in Armenian. Ayb and Ben are for A and B. That is the first move, the first completed action one should make towards the success and we want to do it together. We see our mission as follows: ten million Armenians live around the world. Hundreds of thousands are infused with entrepreneurial spirit and the will to create and develop new and exciting developments. We want to partner with at least 1,000 of these entrepreneurs to launch tech companies that will make a difference within the coming five years."
Arman Vardanyan, CEO of C-Quadrat Ampega Asset Management Armenia, said: "IT is one of the most successful and fastest growing industries in Armenia and many people are leveraging great potential in this area. Making Armenia an IT hub, building links between the disruptive tech businesses and the capital market is a forward looking initiative of Aybuben Ventures. It will help to keep talent in the country, cultivate great ideas and build on the potential that Armenia has, so its growth and development potential is realised. We at C-Quadrat Ampega Armenia and our German and Austrian shareholders are happy to support this great initiative and will consider making investments in Aybuben Ventures at its set-up and subsequent rounds, within the framework of the company's investment policy. We will also put our best efforts into raising the Fund's awareness through our network and partners in Armenia and abroad."
Jean Mazedjian, CEO of Amundi-ACBA Asset Management, in his launch speech said: "This is a significant move by Aybuben and one which we fully support. Significant and innovative tech developments have been taking place in Armenia for some time but limited investment opportunities have been an issue Aybuben's investment, however, will provide a catalyst for further growth and we look forward to the emergence of groundbreaking Armenian tech companies. Equally, there will be many compatriots from the diaspora interested in this new fund. But what about us? Amundi-ACBA Asset Management is a subsidiary of Europe's largest Asset Management company. We benefit from our mother company's expertise and we are eager to support Aybuben to set up the required processes. In fact one of our aims is to share our expertise in Armenia. We are looking forward to others joining and supporting us with this kind of initiatives."
SOURCE Aybuben Ventures
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