15:07 | 26.12.18 | Articles | exclusive 50871

Armenian tech sector in 2018: The huge investments

2018 has been good to a number of IT companies founded by Armenians: they received large investments from foreign venture funds as well as individuals.

Itel.am tells about the tech companies with Armenian founders, which have managed to raise USD 1 million and more this year.

ServiceTitan – USD 227m

2018 has been fairly successful for ServiceTitan, the U.S.-based provider of field service management software for home-service businesses.

Founded by Armenian experts Ara Mahdessian and Vahe Kuzoyan, the company raised USD 62m in Series C funding in spring, USD 165m in Series D funding in autumn, and later reached the valuation of USD 1.65bn.

The round was led by Index Ventures, joined by Dragoneer, T. Rowe Price, Battery Ventures, Bessemer Venture Partners and ICONIQ Capital.

This amount of investment is the largest that a South California software company has ever received.

ServiceTitan has 2500 customer companies representing over 50,000 technicians.



In October, Itel.am talked with ServiceTitan co-founder Vahe Kuzoyan, who revealed that the company was going to open an engineering office in Yerevan.

City Mobil – USD 35m

Aram Arakelyan’s City Mobil announced USD 35m funding in April 2018.

Mail.Ru Group and Megafon were among the variety of investors.

Founded in 2009, City Mobil provides taxi services via webpage, mobile app or operator. The company operates in Moscow and St. Petersburg.

DISQO – USD 13.5m

U.S.-based DISQO, another company founded by Armenian entrepreneurs, raised USD 13.5m this summer through Series A financing round led by Alpha Edison along with participation from existing investor Bonfire Ventures.

DISQO is a leading provider of first-party data for researchers, marketers, and insights professionals. In October the company announced the plan to open an office in Yerevan.

SoloLearn – USD 5.6m

Armenian-American startup SoloLearn, which presents an application for teaching programming skills, raised USD 5.6 million in September.

10:39 | 28.09.18 |

SoloLearn raises USD 5.6m

The investment was led by Naspers through its Naspers Ventures division, with participation from existing investor Learn Capital.

Teamable – USD 5m

In October Teamable, a provider of hiring software that leverages employees’ social networks, brought in USD 5m from new investor Foundation Capital and existing backers True Ventures and SaaStr Fund.

This year the startup also announced its acquisition of Simppler’s referral recommendation engine and matchmaking recruiting software.

11:05 | 25.10.18 |

Teamable raises USD 5mln

Founded in 2013, 50-employee Teamable has offices in San Francisco and Yerevan with more than 200 customers, including Lyft and Spotify.

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Tim Draper invests in SmartGateVC (unknown amount)

It became known in February that American venture capitalist Tim Draper invested in SmartGateVC. Some of his more notable investments included Skype, Tesla, Baidu, Hotmail and Prosper Marketplace.

The investment amount was not disclosed, but this was followed by SmartGateVC’s active investments in a number of Armenian startups.

In March SmartGateVC fund announced its first two investments in Armenian startups 2Hz and XCloud Networks. The company also invested in Embry, Facehub, SuperAnnotate AI and GROVF startups.

P.S. We are hopeful that 2019 will be successful for Armenian startups from financial point of view. We are also looking forward to seeing new names in this list.

Narine Daneghyan