Armenia has a growing number of successful companies that have expanded globally, leveraging the country's favorable business environment, skilled workforce, and strategic location. These companies have diversified their portfolios, expanded their operations, and increased their market share, contributing to the economic growth of Armenia and the region. The examples of successful global expansion of Armenian companies demonstrate the potential of Armenian businesses to compete and succeed in the global market. With a supportive ecosystem for startups, skilled workforce, and tech-savvy population, Armenia has the potential to become a hub for innovation and entrepreneurship in the South Caucasus region.
Global Expansion of Armenian Companies
Armenia has a strong entrepreneurial culture, and its growing tech industry has attracted significant investment from international players. The country's favorable business environment, skilled workforce, and strategic location make it an attractive destination for foreign investors. Here are some examples of successful Armenian companies that have expanded globally:
- PicsArt: PicsArt is a popular photo and video editing app developed in Armenia. The app has over 1 billion downloads worldwide and is available in over 30 languages. PicsArt has expanded its operations beyond Armenia, opening offices in San Francisco, Tokyo, and Yerevan. The company has also raised over $130 million in funding from international investors, such as Sequoia Capital and DCM Ventures.
- Krisp: Krisp is an AI-powered noise cancelling app developed in Armenia. The app removes background noise from audio calls, making communication clearer and more efficient. Krisp has expanded its operations globally, opening offices in San Francisco and Amsterdam. The company has raised over $20 million in funding from investors, such as Sierra Ventures and Storm Ventures.
- Teamable: Teamable is a talent acquisition platform that helps companies find and hire top talent. The platform was developed by an Armenian entrepreneur, Armen Berjikly, and has expanded its operations beyond Armenia, opening offices in San Francisco and Dublin. The company has raised over $15 million in funding from investors, such as True Ventures and Social Capital.
- SoloLearn: SoloLearn is a mobile app that teaches coding and computer science skills to beginners. The app was developed in Armenia and has over 20 million users worldwide. SoloLearn has expanded its operations beyond Armenia, opening offices in San Francisco and Bangalore. The company has raised over $12 million in funding from investors, such as Learn Capital and HOF Capital.
- SoftConstruct: SoftConstruct is a leading IT company in Armenia that provides various services, including gaming, sports betting, and fintech solutions. The company has expanded its operations globally, opening offices in Malta, the United Kingdom, and the United States. SoftConstruct has also acquired several companies, such as BetConstruct and FastShift, to expand its portfolio and increase its market share.