New opportunities for Armenia's venture ecosystem
Armenia as a new promising market. Startups, opportunities, government programs.
In October 2022 Innotechnics completed a report on “New opportunities for Armenia's venture ecosystem”. We analyzed the current market status and the trends that arise in the venture ecosystem. Fifteen experts were interviewed, and here are the key findings:
  • An estimated $1.05bn in 26 deals was raised in Armenia’s venture startups in 2021-H1 2022. Early stage series accounted for 65+% of the deals;
  • In a country as small as Armenia we have identified as many as 400 startups that are full of zip and stepping up the quality of their work. Of these, more than 50 already have a product to offer;
  • Armenia's IT sector has been growing by a very tangible 23% per year over the past decade.