Armenian Sprint Fund has already Invested over $4 Million

Armenian Sprint crowdfunders’ fund which is aimed at supporting startups engaged in crowdfunding through various financial instruments has already invested more than $4 million.

BANA Communications Manager Lana Petrosyan has interviewed Karen Vardanyan, Sprint Fund Manager.

— What is Sprint and what’s the main function?

Sprint is a unique fund, which invests in startups who do crowdfunding campaigns. Companies which try to enter the market through crowdfunding often apply to marketing agencies which can be rather expensive.

Sprint offers investments for marketing and connects startups with marketing agencies specialized in crowdfunding to assist in achieving successful results. Currently, we are working with several marketing agencies including The Crowdfunding Formula, Jellop, Green inbox, Rainfactory etc.

Sprint was founded in 2018 and since then we have invested in more than 100 campaigns and this amount has exceeded $4 Million. Together in all platforms (Kickstarter and Indiegogo) all campaigns have gained more than $70 Million.

— What’s crowdfunding?

Crowdfunding is the process of funding a project with the help of the public (crowd). There are various types of crowdfunding including equity crowdfunding, charity crowdfunding, debt crowdfunding, reward based crowdfunding, etc. Sprint works within the framework of reward based crowdfunding in which startups raise money and reward their backers with their products.

— What’s Sprint’s advantage over other financial investment organizations?

Sprint’s main advantage is its speed. Nowadays there are lots of financial instruments but they require a long time to make a final decision on the approval. At Sprint, we approve or decline projects within 24 hours.

— How did you come up with the idea of Sprint?

The idea came from the problem. My friends were running a campaign — Volterman Smart Wallet and they needed financial assistance for marketing. At that time, I was working in a bank and after some discussions we decided that we could start a fund which would be beneficial for both investors and startups.

Sprint is a fully Armenian fund. Initially it was a little bit strange that Armenian fund was investing in startups from Silicon Valley or Europe. However, currently many people know about Armenian Crowdfunding ecosystem thanks to Sprint and The Crowdfunding Formula Agency.

— Why did you decide to register the fund in Armenia?

In fact, many funds register in Luxemburg or other European countries because there are better conditions. We did a little research and found out that Armenia is a perfect place for investment funds as the system is very flexible. From the point of taxes and administration, it is highly privileged. Controlled by the Central Bank, it’s quite flexible for the opportunity to have registered as many funds as possible.

— How do you see Sprint’s future?

Sprint has proved that it’s working well in this industry. We’re planning to work with as many campaigns as possible and help them to achieve success.

Our vision is to support people who have an innovative idea and want to realize them through crowdfunding.

— How can startups apply to Sprint?

There is an application form which people can fill in our official page — sprintcf.com

— What were you doing before founding Sprint?

Before starting Sprint, I was working in a banking industry. Since university, I have been working in one of the international banks in Armenia. I worked there for 10 years in different positions.

I had to choose between an international career in the banking industry or doing something more valuable for Armenia. Obviously, I chose the latter. I chose to stay in Armenia because I understood how much of a global value can be created not leaving Armenia.

The idea of having a positive impact on a big number of people, drives and motivates me not letting to get tired.