Decoding Impact Investing: What VIA Fund’s Impact Investment Process for Social Enterprises in Armenia Looks Like

Welcome to VIA Fund’s groundbreaking approach to impact investing in Armenia! As the first-ever impact investment fund for social enterprises in the country, we are on a mission to support social enterprises that aim to deliver and maximize positive social impact on communities and the environment. This resource is here to take you through our investment process step-by-step, shedding light on what we look for in social enterprises applying for funding and what they can expect from us. So, let’s dive in and explore the transformative journey of VIA Fund!  

Stage 1: Check your eligibility and submit your application!

Our investment process begins with a straightforward step – taking a simple quiz, that is available on our website to check your eligibility. To move on to the application process, you need to be sure that you fulfill our eligibility requirements. This quiz is a great way to acquaint yourselves with the requirements as well as to understand if your enterprise is ready for support from VIA Fund! 

If you pass the quiz and are eligible, you will receive a link to submit your formal application to VIA Fund. The application process involves submitting your comprehensive pitch deck and providing essential information such as your financial situation, revenue model, growth plans, and the funding you are seeking from VIA Fund to scale your impact for our initial assessment and consideration.

The formal application deadline is September 15!

We understand the value of time, and to ensure a smooth review process, we have set a deadline for accepting applications. You have until the 15th of September to submit your application, so take the time to craft a compelling pitch that highlights the potential of your social enterprise.

Stage 2: You Entered a Screening Stage

After the application window closes, we will move on to the screening stage. During this time, our team will conduct light research, delving into each organization’s mission, values, goals, and activities. Additionally, we will assess whether the social enterprise has an impact model and financial results in place, and if it appears to be scalable.

In this stage, we verify the eligibility of the potential investee. Organizations that align with VIA Fund’s mission and demonstrate potential for impact and scalability move forward to the next step.

Stage 3: Getting to Know Each Other

Qualified applicants are invited to a 30-minute Zoom call, where we will introduce VIA Fund and learn more about the social enterprise’s high-level goals, values, and structure. This call is an excellent opportunity for both parties to gauge mutual interest and understand how our visions align. If everything runs smoothly, we move forward!

Stage 4: Desktop Due Diligence

In this stage, we dig even deeper into the organization’s potential impact and viability. We will conduct a desktop due diligence process that includes a thorough review of documents, financial model and market analysis, and impact verification. 

This helps us determine the value of the opportunity and assess the social enterprise’s strategic outlook for the next 2-3 years. 

We focus on understanding scalability and the support needed to achieve it. We also ensure they are properly registered and compliant with regulations.

Stage 5: On-Site Due Diligence

If you’ve made it this far, our due diligence process continues. In this stage, we aim to build a holistic understanding of the social enterprise and its team. We will conduct follow-up calls and meetings to address any open questions or red flags. 

Additionally, we will focus on aligning and finalizing impact goals and targets, and development milestones that the organization will pursue during our cooperation. 

Understanding the team dynamics, shared vision, execution capabilities, and sustainable culture-building are critical factors at this stage.

Stage 6: Proposal and Investment Committee

Armed with comprehensive insights from the due diligence process, we will begin to work on crafting a proposal for funding. This proposal includes the financial offer structure (non-interest loans blended with grants or non-interest loans only) and other critical aspects such as funds disbursement structure, repayment timelines, and milestones.

Before finalizing the investment, we seek approval from our Investment Committee. The committee will thoroughly review the due diligence summary to ensure that the investment aligns with VIA Fund’s strategy and eligibility criteria. Once the committee approves, we will move forward to finalize the deal.

Stage 7: Finalization and Contracting

The finalization stage is where we negotiate terms and reach a mutual agreement. This agreement includes crucial details such as the non-financial support plan, impact metrics and targets, reporting requirements, and special terms on returning investments.

If the founders accept VIA Fund’s proposal, the drafting of the long-form documents begins. Following the signing of the agreements, VIA Fund will transfer the corresponding investment amount.


Congratulations! If you’ve made it this far, your transformative journey is complete, and the partnership between VIA Fund and the social enterprise will begin. At this point, be sure to keep a close eye on your inbox because our team might reach out with more requests or notifications about qualifying for the next stages. It’s going to be a dynamic and interactive process, and we’re all about building a long-term partnership with you.

At VIA Fund, our mission is to take social enterprises to the next level of impact. So, if you’re up for the challenge and ready to make a real difference, don’t hesitate. Check your eligibility and apply to VIA Fund today!