According to the report prepared by Modex Consulting Company, as of July 2022 the top 20 largest IT companies in Armenia employ 8429 people.

This list does not include Soft Construct and Digitain who employ several thousands employees, but are not solely focused on technology development and other activity types are among their main business lines.

https://xn--r1a.website/threenstartups

#armenia #techecosystem #topemployers #modex

Modex announced that in 2023, the tax revenues collected from IT companies from the list of 1,000 major Armenian taxpayers amounted to 75 billion drams, exceeding the 2022 indicator by 44% and making up 3.9% of the total taxes of Armenia.

https://xn--r1a.website/threenstartups

#modex #analytics #ict #taxrevenues

🚀 The Top 10 Armenian Startups by Funding

We’ve gathered the list of top 10 standout Armenian startups by funding sizes. This list focuses on startups founded in Armenia and does not include startups founded by Diaspora Armenians.

🌟 Key Insights:

✅ Over the past decade, Armenia-born tech startups have collectively raised around $490 million.
✅ Picsart 🦄 (Armenia's first official unicorn) and CodeSignal have reached Series C stage.
✅ SoloLearn and HerculesAI (formerly Zero) are in Series B stage. HerculesAI reached that stage in 2024.
✅ In 2024, EasyDMARC, Podcastle, and ActiveLoop (not on the list, but raised $19.6 million to date) reached Series A stage.

This report was created in collaboration with Modex. Big thank you to  Tsovinar Sofi Babayan for her contribution. We also want to thank her for introducing the term "Armenia-born," which we use in our reports.

#armenianstartups #startupfunding #Modex #ArmenianTechEcosystem #stats

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Top IT Taxpayers | Q1 2025 - Analysis by Modex 📈

- In Q1 2025, 76 IT companies were among Armenia’s 1000 largest taxpayers, contributing AMD 19.0 billion to the state budget - a slight decrease compared to 2024.
- These companies accounted for 3.4% of total tax revenues.
- Synopsys Armenia led in profit tax contributions, paying 14.1% (AMD 205M) of the sector’s total.
- 11 out of the top 20 IT companies saw tax payments decrease, with Veeam Armenia showing the biggest drop, primarily due to reduced income tax payments.

This list has two startup:
🦄 Picsart - Armenia’s first unicorn
🦄 ServiceTitan - LA based unicorn founded by Armenian entrepreneurs

Hope to see more startups in this list while they are scaling to Series A and beyond, and transition from product development to revenue generation.

📌 Source: Modex

#Modex #TopITTaxpayers #Analytics

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