On December 14, Impact Hub Yerevan announced the launch of the first social impact investment fund (VIA Fund) to develop social entrepreneurship in Armenia.

Considering the specifics of the SE sector and emphasizing the work with investors, the fund will stimulate investment flows and become a link between social entrepreneurs and investors.

Investments from the fund can be attracted mainly by those social enterprises with a sustainable movement, which have viable ideas for expanding the business model and social impact. As a result, the fund's activities will contribute to the sustainability of the SE community, increasing the attractiveness of enterprises for new investments, strengthening financial independence, and reducing dependence on grant programs.

At the official opening ceremony, RA Minister of Economy Vahan Kerobyan, Head of the European Union Delegation to Armenia N.G. Andrea Victorin, Eva Konchal, Head of Market Development of the European Venture Philanthropy Association, and Gevorg Poghosyan, Executive Director of Impact Hub Yerevan.

The head of the delegation of the European Union in Armenia, NG Andrea Victorin, noted: "Social entrepreneurship is a business created and designed to solve social problems. It is essential that a social enterprise is financially self-sufficient, solves social issues through a business approach, and has a social impact. Otherwise, it will be seen as aid.

I call on Diaspora and Armenian investors to join this fund and contribute to the sector's development. Armenia deserves and needs it."

Impact Hub Yerevan created the fund within the framework of the "Cooperation for Social Impact" project, which is implemented with EU funding by the European Venture Philanthropy Association in Eastern Partnership countries.

The fund has already received the first investment of 300,000 euros from the European Union, and another 1.2 million euros will be needed to implement the first 5-year program. Thanks to the European Union and the fund's first investors, Wit Family Foundation and DONOS Council, as well as a future investor and supporter, "Tse-Kvadrat Ampega Asset Management Armenia" LLC, VIA Fund is currently $380,000 from its stated goal.

Minister of Economy Vahan Kerobyan stated in the opening speech: "Apart from banks, we do not have any other developed financial infrastructure in Armenia. We hope that VIA Fund can set a new benchmark at the level of private investment funds. That is the first target, and the second is the solution to social problems."

Over the next two years, the fund will provide interest-free loans and financing with a combination of grants, and from the third year, the transition will be made to a more traditional investment toolkit.

"The investment fund is new not only in Armenia but also in the region. In Armenia, VIA Fund is being formed to invest in the activities of those social entrepreneurs who have proven in the last 1-2 years that they can have a strong and clear business model, have the potential to grow and develop," said the executive of Impact Hub Yerevan. director Gevorg Poghosyan.

VIA Fund will support social enterprises in achieving their goals and increasing social impact, bringing international investment culture and experience to the Armenian SE ecosystem.