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Formula VC is a venture capital firm founded in 2021 and headquartered in Yerevan, Armenia. The firm was established with the mission to connect founders with high-growth opportunities through a global network and industry expertise. Formula VC aims to position Armenia as an innovation hub by backing Armenian-founded startups, regardless of their geographical location. The firm has quickly established itself as a significant player in the venture capital landscape, focusing on supporting startups during their growth stages.
As of now, Formula VC manages a total of $30 million across its funds, with its first fund launched in 2021 and a second fund initiated in February 2025. The firm has invested in 22 companies to date, demonstrating its commitment to fostering groundbreaking solutions in technology, health, and education. The team comprises experienced professionals who leverage their expertise to provide strategic guidance and support to portfolio companies.
Formula VC invests in early-stage startups, specifically targeting pre-seed, seed, seed+, Series A, Series B, and growth equity stages. The firm emphasizes innovative ideas across various sectors, including AI, SaaS, healthcare, and cybersecurity. Their investment strategy is centered on identifying startups with sustainable revenue models or significant user bases, aiming for globally scalable solutions. Formula VC's focus on Armenian-origin startups allows them to tap into a unique pool of talent and innovation.
The firm seeks to back startups that demonstrate potential for high growth and scalability, particularly in technology, health, and education sectors. Their investment thesis highlights a commitment to supporting groundbreaking solutions that can make a significant impact in the market. Formula VC's global investment reach spans North America, Europe, and Asia, allowing them to connect with a diverse range of founders and startups.
Formula VC's portfolio includes a diverse range of innovative companies, showcasing their commitment to supporting Armenian-origin startups. Notable portfolio companies include:
Grigor Hovhannisyan: General Partner at Formula VC, Grigor co-founded the firm and has extensive experience in venture capital. He focuses on identifying high-potential startups and providing strategic guidance.
Karen Vardanyan: General Partner, Karen brings a wealth of knowledge in early-stage investments and has a strong background in supporting technology startups.
Sona Veziryan: Partner, Sona specializes in healthcare investments and has a keen interest in supporting health technology innovations.
Paulo Bilezikjian: Partner, Paulo has over 30 years of experience in private equity and venture capital, having previously worked at a multi-billion-dollar hedge fund.
Michal Valko: Venture Partner, Michal contributes his expertise in technology investments and has a strong track record in scaling startups.
To pitch Formula VC, founders should send an email to info@formula.vc with a detailed pitch deck. The deck should include information about the business model, market opportunity, team background, and financial projections. A warm introduction is preferred but not mandatory. Founders can expect a response within a few weeks, depending on the volume of inquiries.
On February 27, 2025, Formula VC launched its second fund, Formula VC II, with a target size of $30 million. This fund aims to invest in 35-40 startups, focusing on Armenian-origin companies globally. The launch was covered by various Armenian media outlets, highlighting the firm's significance in the local tech ecosystem.
In June 2025, Formula VC made its latest investment in AgentGrow, a business productivity software startup. This investment reflects the firm's active deal-making strategy and commitment to supporting innovative companies.
What are Formula VC's investment criteria?
Formula VC focuses on early-stage startups, particularly those with Armenian origins. They look for companies that demonstrate sustainable revenue or significant user bases, especially in sectors like AI, SaaS, healthcare, and cybersecurity.
How can I pitch to Formula VC?
Founders can reach out to Formula VC via email at info@formula.vc. A well-prepared pitch deck that outlines the business model, market opportunity, and team background is essential for consideration.
What makes Formula VC different from other investors?
Formula VC specifically targets Armenian-origin startups globally, providing not only capital but also strategic guidance and access to a global network of industry experts. This unique focus allows them to support founders in a way that many other firms do not.
What is the typical check size for investments?
While specific check sizes can vary, Formula VC typically invests between $500,000 and $1 million in their portfolio companies, particularly in their second fund.
What is the geographic scope of Formula VC's investments?
Formula VC has a global investment reach, focusing on startups in North America, Europe, and Asia, while maintaining a strong emphasis on Armenian-founded companies.
What kind of post-investment support does Formula VC provide?
Formula VC offers strategic guidance, mentorship, and access to a global network of industry experts to help portfolio companies scale and succeed in competitive markets.
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