iTech Capital

Armine Karakhanyan chairs the investment committee and serves as Managing Partner. Karakhanyan has led the firm since its 2011 founding, drawing on prior operating experience in the regional telecommunications industry. The firm maintains a lean senior team; investment committee approval is required for all deals exceeding the fund's de minimis threshold.

iTech sources deals through deep networks in the Baltic and Eastern European tech ecosystems, where the firm's long regional presence gives it visibility on companies that are largely overlooked by Western European general partners. Operating from a single office in Riga, the team cultivates relationships with local incubators, serial founders, and regional development banks. This regional concentration produces deal flow in sectors including fintech, enterprise SaaS, and AdTech that rarely reach broader auction processes.

iTech Capital makes direct growth-equity investments from its flagship pooled fund, typically writing checks between €5M and €30M. The firm does not operate as a fund of funds and does not make commitments to external managers as a primary strategy. For limited partners seeking larger exposure, the firm has structured side-car co-investment vehicles alongside the main fund for specific portfolio companies.

The firm targets growth-stage companies with proven revenue and unit economics that require expansion capital. iTech does not typically invest at the seed or pre-revenue stage, concentrating instead on companies ready to scale into new geographic markets across Eastern Europe and the CIS. Check sizes range from €5M to €30M, depending on capital requirements and ownership targets.

iTech Capital focuses on technology companies that digitize traditional industries, with portfolio exposure spanning fintech, enterprise software, AdTech, digital health, and proptech. Representative investments include TradingView, the globally used charting platform, and Admitad, a performance-marketing network. The firm has also backed AI-driven content analytics companies and real-estate technology startups in the region.

The firm's flagship fund attracted institutional limited partners including the European Bank for Reconstruction and Development and the European Investment Fund. The presence of these multilateral development finance institutions reflects the fund's mandate to support technology entrepreneurship in emerging European markets. The LP base also includes private institutional investors, though the firm has not publicly enumerated all participants.

The firm closed its original €150M flagship fund with institutional backing from development finance institutions and private investors, and later reported over €200M in aggregate assets including co-investment vehicles. No second flagship fund close has been publicly announced. The status of successor fundraising is a material disclosure item for allocators evaluating the firm's long-term continuity and team retention.