Key takeaways from the CapricornConnect podcast interview with angel investor Ani Asatryan of BANA Angels, recorded live at the World Economic Forum in Davos (February 2026):
Armenia’s startup ecosystem has gone from outsourcing to unicorns. Landlocked with little to export physically, the country has leaned on digital products; Asatryan says the ecosystem began booming around 10 years ago and has since produced Armenia-born unicorns such as Picsart and ServiceTitan.
From failed founder to angel. Asatryan built a travel app she abandoned on friends’ advice for lack of demand, then started investing to learn and invest at the same time; since 2018 she has backed 12 startups.
Angel investing is more than money. She argues angels add value through network and knowledge — with deep tech such as quantum computing, where only a few hundred people worldwide understand the field, her contribution is connections rather than expertise.
Women hold senior roles across Armenia’s economy. Ministers in traditionally male-dominated fields such as defence and justice are women, and although she was one of the first women in her angel club, many more have since joined.
Global from day one. Armenian startups typically incorporate in the US immediately so international investors understand the legal and regulatory setup; Asatryan invests mainly in Armenian startups but also a French startup and a Netherlands-based VC fund, favouring co-investment and bridge deals.
A 20x exit in three years. Her standout exit was a cybersecurity startup tackling email hacking and phishing (after her brother’s email was hacked); a US, New York-based VC bought her shares at Series A, delivering 20x in three years — described as the biggest exit in Armenia’s startup ecosystem at the time.
Putting Armenia on the investor map. BANA runs investor tours each May and October — around 60 investors from 12 countries joined last year, visiting unicorn offices such as Picsart’s — alongside the DigiTec conference.
NVIDIA’s AI factory could make Armenia a tech epicentre. Asatryan highlights NVIDIA’s announced AI factory in Armenia using its most innovative chips, which she expects to raise the country’s technology capability, create jobs and benefit neighbouring countries too.
Read more: CapricornConnect Podcast
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