For social enterprises
We invest and nurture social enterprises which utilize and test innovative models and solutions to achieve a better social impact. As a part of our investment strategy we will provide:
For social enterprises
We invest and nurture social enterprises which utilize and test innovative models and solutions to achieve a better social impact. As a part of our investment strategy we will provide:
We invest and nurture social enterprises which utilize and test innovative models and solutions to achieve a better social impact. As a part of our investment strategy we will provide:
Eligibility criteria
Grants + non-interest loans to the social enterprises which demonstrate having:
Team
An experienced team of 1+ year(s) of operations
Social impact
Proven social impact results
Business model
A validated and market-proven business model with positive financial results
Scalability
Potential to scale
Small grants to early-stage startups which have:
Recommendation
An experienced team of 1+ year of operations
Leadership
A highly motivated leader or founders’ team
Social impact
High potential to generate impact
Innovation
A new idea for the Armenian market
Investment process
1. Receiving applications
Applications are accepted during the year: social enterprises submit their pitch decks and application forms.
2. First screening
The VIA Fund team checks applications in terms of eligibility criteria. The VIA Fund team checks if the social enterprise is a strategic fit and short-lists potential investees.
3. Due diligence
Shortlisted applicants go through the due diligence process. During this process, the VIA Fund team analyzes your company in terms of:
- social impact
social impact of the enterprise, and its basic indicators
Mission and motivation of the team to achieve better social impact
- financial sustainability (including credit history check)
financial model and planned financial indicators
growth and development opportunities
- organizational resilience
the overall business strategy and market position, the team
management and decision-making structure, operational processes, legal aspects of the enterprise
4. Identifying an investment type and amount
Based on the results of the due diligence process, VIA Fund assesses the potential investees’ financial needs and chooses a financial tool.
5. Decision making
The selected social enterprises and suggested deals are considered by the Investment Committee 3-4 times a year before making a final decision on investment.
6. Signing the contract
The VIA Fund team prepares and signs a grant/loan agreement including:
- non-financial support plan
- impact metrics and targets
- reporting requirements
- special terms on returning investments
Eligibility Quiz for VIA Fund Application
Based on your responses to the survey, we will evaluate your eligibility for funding. If you meet the eligibility criteria, we will provide you with an application form to proceed with the funding process.
FAQs
Do you want to apply but still have questions? Please take a look at our Q&A section for answers to some common queries and insights into the application process. Your journey to becoming a part of VIA Fund’s impactful community starts here!
Who can apply/what are the eligibility requirements?
You can apply if you meet the following eligibility requirements!
– You are an experienced team that has been in operation for more than one year
– You have proven social impact results
– You have a validated and market-proven business model with positive financial results
– Your business has the potential to scale
Our fund currently provides grant funding combined with non-interest or small-interest loans. Social enterprises can benefit from grants to enhance their capacity and innovation, while loans provide essential working capital for growth and scalability.ﾠ
The application process begins when you check your eligibility with the quiz at the bottom of our For social enterprises page. Only by passing the quiz will you have access to the application form, which you will have to submit by September 15! From that point on, a member of the VIA Fund team will get in contact with you for the next steps.
What kinds of documents do we need to prepare/provide ?
To start the application process with VIA Fund, you will need to prepare and provide several essential documents. These documents are crucial for our initial assessment and consideration of your social enterprise’s eligibility for funding. Here’s a list of the key documents we require:
- Application Stage: Pitch Deck. A pitch deck for a social enterprise applying to VIA Fund should include concise information on the venture’s name, problem, solution, business model, marketing and sales strategies, impact achieved, financial overview, funding request, team qualifications, scaling plans, and a compelling conclusion.ﾠ
- Due Diligence Stage: If we move forward, you will be requested to provide the following documents: financial projections for 2 years, financial statements, legal and registration documents, organizational structure and team information, as well as an impact model with verification of impact results. These documents are crucial for us to gain a comprehensive understanding of your organization’s financial health and sustainability. Please note that the specific documents required may vary depending on each case.
How does the selection process work
- Screening Stage (Timeline: 1 week):
Our team will conduct light research into your organization’s mission, values, goals, and activities. We also assess if your social enterprise has an impact model, financial results, and the potential to scale. - Getting to Know Each Other (TImeline: 1-2 weeks)
If you pass the screening stage, you will be invited to a 30-minute Zoom call, where you will be introduced to VIA Fund and we will learn more about your high-level goals, values, and organizational structure. - Desktop Due Diligence (TImeline: 3-4 weeks)
If you pass the Get To Know Each Other stage, you will enter the Due Diligence stage, where we dig deeper into your organization’s potential impact and viability. In this stage, we will thoroughly review your documents, financial model, market analysis, and impact verification. - On-Site Due Diligence (Timeline: 2-3 weeks)
The next stage is an On-Site Due Diligence process, where we conduct follow-up calls and meetings to address any open questions or red flags. - Proposal and Investment Committee (Timeline: 1-2 weeks)
Once these processes are complete, the process of crafting a proposal for funding begins. - Finalization and Contracting (Timeline: 2-3 weeks)
At this point, we will negotiate the terms and reach a mutual agreement that includes crucial details such as the non-financial support plan, impact metrics and targets, reporting requirements, and special terms on returning investments.
How do we know where we are in the application process?
We will contact all applicants by email to let them know whether or not they have been shortlisted.
What can we use the funds for?
The funds can be utilized by social enterprises for various purposes that align with their growth and impact objectives. Grant funding can be used to:
- improve organizational capacity,ﾠ
- enhance operational efficiency,
- drive innovation, test new markets and impact/business hypotheses,ﾠ
- support the scaling of operations.ﾠ
Meanwhile, loan financing provides essential working capital, enabling social enterprises to seize growth opportunities, expand their reach, and ensure financial sustainability.ﾠ
Together, the funds support social enterprises in scaling and maximizing tangible social impact results for their beneficiaries.
What is expected from selected investees?
From selected investees, VIA Fund expects a strong commitment to driving positive social and environmental impact while maintaining a sustainable and viable business model. Here are some key expectations:
- Impact Delivery: Investees are expected to actively work towards achieving their stated social and environmental impact goals. Regular reporting on impact metrics and outcomes is essential to demonstrate progress and transparency.
- Business Outcomes Delivery: This includes meeting financial milestones, generating revenue, increasing sales, and outreach of the services or products.
- Financial Reporting: for investees receiving grants VIA Fund requires financial reports in accordance with the EU financial reporting standards. Investees must provide detailed financial reports, ensuring transparency and accountability in the utilization of grant funds.
- Communication and Collaboration: regular and open communication with VIA Fund is crucial to foster a strong partnership.
- Impact Measurement and Reporting: investees should have robust impact measurement mechanisms in place to track and report their social and environmental outcomes accurately.
In exchange for this, we are committed to investees’ capacity building and investing in strengthening their team’s capabilities and organizational capacity to improve efficiency and effectiveness.
Please contact us by email at yerevan@impacthub.net with VIA Fund written in the subject line.
If you have any more questions, please sign up for our next info session on August 24 at 5:00 PM!