11:12 | 05.11.18 | News | 9151

Himnark startup attracts investment from Business Angel Network of Armenia

Business Angel Network of Armenia (BANA) invests in Himnark startup, which develops a cloud platform for Armenian businesses for automating their HR & Payroll processes.

With their tool - Himnark People - the customers will be able to dramatically change the culture of employee-employer relations contributing to better employee engagement and will help HR teams to eliminate manual routine and focus on things that matter.

This summer the startup was among the winners of Innovation Matching Grants (IMG), supported by EU.

“Himnark People HR and Payroll was one of the startups that BANA team was working with in the past few months. As a result of due diligence we found that HIMNARK is a viable and scalable product with a strong and dedicated team. It was offered as an investment opportunity to our investors and business angels from BANA coinvested together in HIMNARK. This was a great example of syndicate investment from a business angel network. The startup can use the knowledge and experience the investors have and also use the network of the investors to expand and promote their product”, said Grigor Hovhannisyan, CEO of BANA.

Business Angel Network of Armenia is a network of investors, entrepreneurs and executives from Armenia and abroad interested in making investments in startup companies. In addition to capital, the members bring their expertise and experience to mentor aspiring entrepreneurs and connect them to resources that help startups succeed.