Six Armenian start-ups will receive up to €35,000 in seed funding from the EU-SMEDA project, implemented as part of the EU4Business initiative, after winning the final stage of the EU-supported Innovation Matching Grants competition (IMG) - IMG Venture Forum, held on June 29 at the Vanadzor Technology Centre.
The 16 shortlisted start-ups had undergone a process of pre-selection, excessive trainings and mentorship before taking part in the final competition stage of IMG grants, pitching their innovative ideas and solutions to the jury, which consisted of professionals from the IT and high tech sectors from Armenia and abroad.
The jury selected 6 winners that match the requirements of the IMG grants scheme: they are:
- 360 Stories Armenia
- Eswap
- Himnark people
- Hirebee.ai
- Smart Metering system for power distribution networks
- WireStock
The winning start-ups will receive seed funding of up to €35,000, mentorship, linkages with potential investors, and expertise in user-centred innovation commercialisation strategies.
The grants are provided under the EU4Business SMEDA project, which supports the improvement of the business and investment climate for SMEs in Armenia. It aims to strengthen the private sector, support SME coordination mechanisms, and foster links between research institutions and the private sector, as well as providing access to finance for SMEs.