10:57 | 22.02.19 | News | exclusive 30618

FAST angel investors get acquainted with solutions of Armenian startups

On February 21 Yerevan hosted the third pitching event with participation of Science and Technology Angels Network – STAN, established by the initiative of Foundation for Armenian Science and Technology (FAST).

18 startups, of which 8 are prize winners of Neruzh programme, presented their ideas to the investors.

In an interview to Itel.am, Chief Executive Officer of FAST Armen Orujyan noted that this has been the third pitching event over the past 1.5 years.

photo © FAST

“It’s remarkable that the startups that have pitched this time have more developed ideas. Many of them achieved this result with the help of our startup studio. There are certain interesting business models, from data analytics to e-commerce,” he emphasized.

Armen Orujyan attached importance to the fact that startups from different countries were presented, which will operate in Armenia in case they receive investment.

“Angel investors should show individual interest in a startup, in which they decide to invest,” he added.

STAN Co-chair Ruben Arutyunyan noted that he would like to see a larger number of experienced startups in Armenia.

photo © FAST

“It’s easier to work with such startups. Angel investors have come from different countries to participate in this event. This is a large basket with lots of ideas, and we gradually pick them up one by one to choose the ones we consider the best,” said Ruben Arutyunyan.

FAST co-founder Artur Alaverdyan highlighted that he is personally acquainted with 80% of the presenting startup teams.

“I am especially interested in the startups based on meaningful technologies, with scientific and innovative components. I would like to see more deep-tech startups. It would bring more added value to the state and the investors,” said Alaverdyan.

The informal investor network is aimed at facilitating co-investment in Armenian sectors that work in educational and technological sectors, as well as presenting and engraining the best international experience.

photo © FAST

18 investors and entrepreneurs of Armenian descent from Armenia and other countries have joined forces for this initiative. They will not only finance Armenian startups, but also provide consultation, mentorship and assistance with establishing necessary ties.

Each member of the network should make a minimal annual investment of USD 10,000 over the first four years of the network’s operation. The bar rises to USD 20,000 starting from the 5th year.

FAST secures the connection between the network and the startups and helps develop it, organizes pitching and other events, provides legal advice, and gives a comprehensive assessment to each startup.

Narine Daneghyan