YEREVAN, October 24. /ARKA/. The government of Armenia will sell its stake in the Granatus Ventures, the first venture capital firm in Armenia, Economy Minister Tigran Khachatryan said at a government meeting on Thursday. He said the government holds 1,412 shares in the firm.

In 2013, the Armenian government invested $3 million in the creation of the Granatus Ventures private venture fund. It was agreed at that time that if its activity would be successful and other investors would be ready to buy out the state share, the government would not impede. The minister explained that the buyer will have also to pay an extra 3% annual interest.

"After the completion of all procedures, the government will receive its money. Our main goal is to cede additional profit to the private sector. The experience of the fund shows that venture funds can get high incomes and participate in interesting private investment programs in Armenia," Khachatryan said.

Granatus Ventures was registered in July 2013. Its co-founders are Singapore-based venture investor of Armenian origin Pierre Hennes, head of the consulting company EV Consulting Manuk Hergnyan and technological entrepreneur Yervand Sarkisyan.

Granatus Ventures provides investment, expertise and networks to startups worldwide that leverage Armenia's potential as an emerging technology hub. –0—