$300k Invested into Entrepreneurs in Armenia and Georgia to Reduce Inequality
The Background:
Angello Opportunity Caucasus, a sister project of Angello, is a small impact investment fund that invests in entrepreneurs in Armenia and Georgia. It was started by two Angello founders (Luca Bosatta and Jim Wright) around 10 years ago.
The Aim:
One of the aims was to support the deployment of capital into the beginning stages of businesses, whilst also mentoring and supporting it’s entrepreneurs, with the overall aim of reducing inequality. Another objective was to provide access to capital and mentoring for socially responsible entrepreneurs in poorer regions that had high rates of unemployment and faced social problems. The desire was to support small businesses in areas that had little assistance.
The project had various goals, particularly, tackling poverty and hunger, with an emphasis on the importance of good education and encouraging a good work ethic. Socially the aim was to also reduce gender inequality, by implementing a strong and just infrastructure.
Our Work:
Due to common interests and values, the Caucasus group decided to partner with Angello. For over a decade, the combined group travelled regularly to Armenia and Georgia to build up trusting relationships with local entrepreneurs and identify the need for a catalytic investment fund. Concurrently, they gathered capital and support from UK based investors keen to support the identified businesses.
Measuring Success:
The success came from the dedication of the founders who supported many entrepreneurs across diverse regions. Many of the entrepreneurs who were invested in have since significantly grown their businesses which has generated a number of jobs and has positively impacted the local communities.
Around the lives of 200 community members have been changed for the better by our work, including 40 individuals who have been involved directly with the project. We have made a key contribution to agriculture and to growing tourism and hospitality in impoverished areas of the Caucasus. We have deployed about $300,000 in investments into ten businesses in the past ten years and we continue to visit, monitor and help to grow these businesses.
Testimonial:
Working with Angello gave us partnership and support with like-minded people who are also committed to going to the difficult places. It also provided us with sources of investment.