A NUMBER OF BIG PROGRAMS PRESENTED FOR FINANCING BY VENTURE FUND MANAGED BY EIF AND CASCADE CAPITAL

Noyan Tapan
Aug 27 2007

YEREVAN, AUGUST 27, NOYAN TAPAN. With the aim of financing developments
of Armenian scientists, a number of big programs (the cost of each
exceeds a million dollars) have been presented to the board of the
venture fund (its authorized capital makes 1 million USD) set up by
the Cafesjian Family Foundation, NT correspondent was informed by
director of the venture fund’s co-manager, – the Enterprise Incubator
Foundation (EIF) Bagrat Yengibarian.

Another co-manager of the venture fund is Cascade Capital investment
company also founded by the Cafesjian Family Foundation in Armenia.

In the words of B. Yengibarian, the presented programs are, in
particular, related to such sectors as biotechnology, IT, pharmaceutics
and precise machine tool building. He said that negotiations are
currently underway with several US venture funds in order to obtain
additional sources of finance.

B. Yengibarian reminded that the indicated programs were presented
during the first All-Armenian high-tech congress ArmTech 2007 in San
Francisco on July 4-7, in which representatives of a number of large
US venture funds took part.

To recap, the venture fund managed by EIF and Cascade Capital was
created in early 2006.