The First Crowd-Investing Platform in Armenia

About ARFI

Welcome to the world of ARFI Investment Company! Established in 2022 and proudly registered and licensed by the Central Bank of Armenia, we are here to help you achieve your investment goals.

At ARFI, we operate an innovative investment crowdfunding platform powered by our passion for delivering exceptional investment experiences. Our platform’s rules  transparency and compliance with regulatory standards.

With ARFI, you can be part of a transformative journey. Whether you are a company looking to fund your next big idea or an investor seeking lucrative investment opportunities, our platform offers a seamless, user-friendly experience. We provide a secure and transparent environment that prioritizes your needs and aspirations while adhering to regulatory standards and industry best practices.



ARFI is an online platform where companies can fund projects, and investors can easily invest online! We are more than just a crowdfunding platform – we are a reliable mediator, connecting companies operating in Armenia with investors worldwide.

Our mission is clear: to contribute to the growth and development of the Armenian economy by empowering startups and small and medium-sized enterprises (SMEs) to secure funding for their profitable projects. With the ARFI investment crowdfunding platform, we are breaking barriers and opening up new opportunities for entrepreneurs in Armenia.

Our platform brings together visionary companies and forward-thinking investors, creating a dynamic ecosystem that fosters entrepreneurship, drives economic growth, and creates jobs.

Join us in shaping the future of the Armenian economy through the ARFI investment crowdfunding platform.

Shareholders and Investors

The Armenian National Interests Fund (ANIF) CJSC proudly backed our company, serving as our sole shareholder. ANIF is a reputable and influential entity in Armenia, known for its commitment to advancing national interests and driving economic growth.



Develop the first-ever investment crowdfunding platform in Armenia

to facilitate fundraising for Armenian companies and foster economic growth.


Introduce new financing tools

on its platform to better align the interests of entrepreneurs and investors and empower companies to set their terms for fundraising.


Increase awareness about the benefits of investment crowdfunding

among entrepreneurs and investors through targeted marketing and promotional campaigns to educate, engage, and empower stakeholders on its platform.



Impartiality is a core value at ARFI Investment Company. We uphold this principle by utilising screening systems that ensure an unbiased and fair approach to all participants on our platform.


Professionalism is ingrained in our culture. We adhere to internationally recognized corporate governance standards and embrace collegial decision-making principles. Our team comprises highly qualified specialists holding internationally recognized finance certification and professional qualification licences by local financial market authorities, ensuring the highest level of expertise and professionalism in our operations.


Legality is a top priority. We conduct thorough examinations to ensure the legality of companies that raise funds on our platform. We diligently adhere to money laundering and terrorist financing principles when screening investors, ensuring compliance with all applicable laws and regulations.


Cooperation is a fundamental business value at ARFI Investment Company, as we actively seek partnerships with local and international organizations. We aim to expand our investor base and offer investment projects that align with international economic and social standards by collaborating with diverse stakeholders to create a synergistic ecosystem that fosters growth, innovation, and positive social impact.


Edgar Evoyan

Chief Executive Officer

Edgar Evoyan has more than 14 years of work experience in banking, investment, and payment spheres...

Edgar Evoyan

Edgar Evoyan

Edgar Evoyan has more than 14 years of work experience in banking, investment, and payment spheres. He started his career in the Central Bank of Armenia as an analyst, then as a program manager, after which he headed the Investment Banking Department of Araratbank, “STAK” money transfer system operator, and “General Asset Management” investment fund management companies. Edgar Evoyan is a candidate in economic sciences and has a CFA qualification. In 2016, he studied at the Fletcher School of Law and Diplomacy at Tufts University, USA.

Aram Nalbandyan

Board Member

Aram Nalbandyan has more than 16 years of work experience in the banking, investment, payment and government spheres...

Aram Nalbandyan

Aram Nalbandyan

Aram Nalbandyan has more than 16 years of work experience in the banking, investment, payment and government spheres. He started his career in major banks of the Russian Federation, headed departments of financial analysis, control of transactions in international financial markets, departments of state income and investment management in state agencies, Head of the Financial and Economic department of the payment system for Russian Federation customs payments. Aram Nalbandyan has Master’s in finance and law, has a CFA. Since 2020, he has been working at ANIF, since 2022 he is the vice president of ANIF for economic analysis.

Srbuhi Melkonyan

Chief Accountant

Srbuhi Melkonyan has over 17 years of professional experience in finance, taxes, and audit...

Srbuhi Melkonyan

Srbuhi Melkonyan

Srbuhi Melkonyan has over 17 years of professional experience in finance, taxes, and audit. Since 2019, she has been a qualified member of the Association of Chartered Certified Accountants (ACCA) of England, one of the most respected international qualifications in the field. As the financial director of ANIF, Srbuhi also engages in independent consulting activities in the tax and financial sphere. Srbuhi, as a member of the Chamber of Auditors and Expert Accountants of the Republic of Armenia actively works towards regulatory and cultural reforms in the audit sector. She also acts as a member of the Audit Quality Assessment Committee. Srbuhi is qualified as a public sector internal auditor, and she undergoes annual certification to demonstrate her deep knowledge of the internal control system and quality requirements in public organizations.

Artur Dilanyan

Board Member

Artur Dilanyan has over seven years of work experience in the investment sector...

Artur Dilanyan

Artur Dilanyan

Artur Dilanyan has over seven years of work experience in the investment sector. Since 2019, he has been the representative of ANIF CJSC in North America. Previously, he founded and managed Nix LLC, and also served as a co-founder and executive director of Yumaniline LLC. Artur Dilanyan received a master's degree from the State University of Economics of Armenia and subsequently underwent training as a financial analyst and investment manager at the University of Toronto, Canada.

Manuk Khudoyan

Board Member

Manuk Khudoyan

Manuk Khudoyan


If you`re an investor looking for exciting new investment opportunities, ARFI provides a great way to discover and invest in innovative companies. These platforms offer a range of services to companies seeking funds, from due diligence to marketing and promotion, legal and compliance support, payment processing, and investor management. In this list, we’ll explore some of the key services that ARFI provides to companies seeking to raise funds and how these services can benefit investors like you.

ARFI offers various services to companies seeking funds, from marketing and promotion to legal and compliance support, payment processing, and investor management. In this list, we’ll explore some of the key services investment crowdfunding platforms provide to companies seeking to raise funds and how these services can help companies achieve their fundraising goals.

Access to high-potential startups

With ARFI, you get a diverse range of early-stage companies with high growth potential. Investing in these companies might realize high returns on your investments.

Thorough due diligence

ARFI conducts extensive due diligence on companies and investment opportunities listed on the website to ensure they meet specific standards and criteria. This means you can invest confidently, knowing we’ve done the legwork to ensure the utmost quality and reliability.

Legal and compliance support

ARFI provides legal and compliance support to help you navigate the regulatory requirements associated with raising funds from the public. Be sure that companies meet regulatory requirements and operate competently!

Secure investment handling

ARFI offers escrow services, where funds are held in a third-party account until the investment is completed. Trust ARFI to safeguard your investments and provide you with the highest level of security so you can invest with peace of mind.

Investment tracking and reporting

Get ready to take control of your investments like a pro with ARFI’s cutting-edge tracking and reporting tools. We empower investors with real-time updates on company progress, comprehensive financial statements, and a wealth of other essential information. Stay ahead of the game, make informed choices, and maximize your investment potential.

Registration of ownership rights

ARFI ensures the registration of your ownership rights at the Central Depository of Armenia, providing a secure and transparent process for you to establish your ownership in the investment projects you have invested in.

Access to a massive investor network

ARFI provides companies access to a large and engaged community of investors interested in innovative and exciting investment opportunities.

Streamlined due diligence process

ARFI conducts extensive due diligence on companies and investment opportunities listed on our website to ensure they meet specific standards and criteria, which can help build investor confidence and trust.

Expert marketing and promotion

ARFI has a team of experts who can help companies market their investment opportunities and promote them to potential investors, increasing the likelihood of successful fundraising

Legal and compliance made easy

ARFI provides companies with legal and compliance support to ensure they meet regulatory requirements and can navigate complex regulations associated with raising funds from the public.

Robust investor management

ARFI provides tools and support for managing investors, including investor relations, communication, and reporting, helping companies build strong relationships with investors and increase the chances of repeat investments.

Secure investment handling

ARFI offers escrow services, where funds are held in a third-party account until the investment is completed, ensuring that investments are safe and secure.

Comprehensive investment tracking and reporting

ARFI provides tools for tracking investments and reporting to investors, including updates on company progress, financial statements, and other information, helping companies build credibility and transparency with investors.


What you need to know before investing

Why invest in Armenian companies

1. Emerging Market: Armenia’s technology startup ecosystem has been experiencing significant growth, increasing investment opportunities in this sector.

2. Inclusive Investment Access: Previously, such investment opportunities were limited to institutional investors, venture capitalists (VCs), and angel investors. ARFI now opens up these opportunities to a broader audience, providing access to invest in Armenian startups and small-medium-sized companies for everyone.

3. Diversification: Investing in Armenian companies allows diversifying investment portfolios beyond traditional asset classes, sectors, or geographies, providing potential for higher returns and risk mitigation.

4. Economic Development: Investing in Armenian companies can contribute to developing the local economy, supporting job creation, fostering entrepreneurship, and promoting economic growth in the region.

5. Early-stage Investment Opportunities: ARFI offers investment opportunities in early-stage companies, providing the potential for higher returns compared to mature companies, albeit with higher risks.


With a single commission fee of 9% based on the total fundraising amount, including all payment and registry services fees, ARFI offers a simple fee system that ensures complete transparency for investors. Moreover, this fee only applies if the investment is successful, making the investment process convenient and risk-free. Take advantage of this opportunity to invest in exciting new ventures – sign up with ARFI today!



Conduct your due diligence

Before investing, research the company or project thoroughly to ensure it is legitimate and has a solid business plan.


Understand the risks

Every investment comes with risks, and it’s important to understand the risks involved before investing. Be sure to read the investment documents carefully and ask questions to clarify any doubts.


Check the investment terms

Make sure you fully understand the terms of the investment, such as the duration, returns, and exit options, before making any investment decisions.


Invest only what you can afford to lose

Investing always carries some level of risk, and it’s important to invest only what you can afford to lose without affecting your financial stability.


  • Minimum funding goal

    This represents the essential starting point for the company's plans. Once it hits the Minimum Funding Goal, it is off to the races! Every contribution, big or small, makes a significant impact!

  • Maximum funding goal

    This is the dream target! The project is aiming to raise Maximum Funding Goal to fuel its growth and bring its vision to life.

  • Security price

    Invest in the future by acquiring securities through ARFI and become a part of the exciting journey with innovative companies!

  • Deadline

    The clock is ticking! Act now, as this special offer concludes on the deadline! Seize the opportunity to be a part of something truly extraordinary.

  • Type of security

    Choose from Common/Preferred/Future shares or corporate bonds. Join the company on this exhilarating journey!


Corporate Bonds

Investors lend money to the company, expecting it to repay the investment with interest.

Company Shares

Investors provide capital to the company in exchange for a piece of ownership.

Future Shares

Or cash equivalent – Agreement with a deferred condition regarding equity repurchase in the company’s capital or cash compensation if a particular event initially defined in the agreement occurs in the future.


Share Dilution

Investing in a company may carry the risk of share dilution, where the investor`s existing share in the company`s capital could decrease because of additional fundraising in the future. Investors must know this possibility and carefully consider the potential impact of the dilution on their investment value when making investment decisions.

Fraud Risk

There is a risk that the company may misuse the raised funds for purposes other than the intended investment project, leading to potential fraud. Investors must assess the company`s credibility to mitigate this risk and ensure they trust the team in properly using funds outlined in the investment project.

Illiquidity Risk

Investments may remain illiquid for an extended period, typically up to five years, with no opportunity for the investor to sell or claim back their investment. The investor may not receive dividends or regular payments during this time. Investors must understand and consider the potential illiquidity of their investment and carefully evaluate their investment horizon and cash flow needs accordingly.

Limited exit mechanisms

Even if the project is successfully implemented, there is a possibility that the company cannot do an IPO, complete a merger deal or sell the company because of the restrained capacity of the Armenian stock market. Investors must assess this limitation while making an investment decision.

Project failure

Investing in a project carries the inherent risk of failure, which may occur if the company fails effectively market its product or service, mismanages the team, or faces challenges in executing the project overall. Investors need to be aware of these risks before making any investment decisions.

Customer rights

ARFI has approved Regulation regarding “Investigation of Customer Complaint Claims,” pursuant to the requirements of RA Law on “Financial System Mediator”, which defines the standard operating procedures for filing, investigating, and ruling on customer complaint claims as well as the rights and responsibilities of the investigative officer.

Any individual is entitled to file a complaint before the Financial System Mediator in accordance with the law.

  • Office of the financial System Mediator:
  • Mediator: Piruz Sargsyan
  • Address: Vazgen Sargsyan 26/1, Yerevan, Armenia
  • Phone: (10) 58 23 22, (10) 58 23 21
  • Fax: (10) 58 24 21
  • E-mail:
  • Web: