Renderforest, one of our previous startup grantees, is among the largest automated video creation platforms in the world.

The company is ranked as one of the top 100 software companies in the world by G2 crowd for 2019. The platform has around 15 thousand daily new registrations with over 1 million videos created every month. Currently, they are over 10 million users of Renderforest worldwide.

Created in 2013, the company received the grant back in 2015 when it was just a small team that consisted of a few people. IMG grant helped to boost the team to 9 members in a short period of time.

“The grant helped our company to grow. The IMG program was for 1 year but as our company was boosted, we created another 9 to 10 workplaces. So, when we finished the program, we had from 16 to 20 people in the team and we’re growing. Also, our revenue was so high that we could afford to keep our team operational when the matching grant period was ended. 

Back in 2015, we started as a small company but now we are a company with 80 staff members and one of the top 1000 taxpayers in Armenia,” noted Narek Safaryan, Renderforest CEO. 

Currently, the company has a headquarter in Yerevan and a small branch in Gyumri Technology center which was opened with the help of IMG grant.

Narek has advice for prospective applicants of the Matching Grant competition (application deadline – August 6).  

“When we started 5 years ago, there were just a few product competitors in the market and now there are over 30. So, the market is growing along with the competition, which is eventually helping to concentrate more on the solution quality. If you differ from the crowd by offering solutions that are unique you have high chances to succeed. We have been loyal to this approach for the past few years”.

Narek adds that Renderforest aims to become one of the top 10 IT taxpayers in Armenia.

“We want to bring a lot of revenue to our country. Also, we aim to become all in one design platform, which will help millions of users to create automated designs for their websites, branding, videos, logos, etc. We are trying to make high-quality design solutions available to everyone at a fraction of the cost. That is the reason we are implementing AI technology now on the platform. 

Currently, we have over 10 million users registered on Renderforest and we aim to continue the growth and become one of the key players on the global market”.

The entrepreneurs with such a bright vision and willingness to change the world are encouraged to apply for the IMG competition, which can open new doors with exciting opportunities.


Enterprise Incubator Foundation has announced the Innovation and Regional Matching Grant competition, in the scope of the “Matching Grants” Program implemented with the assistance of the RA Government, RA Ministry of High-Tech Industry and the World Bank.

The Grant Program aims at assisting companies operating in Yerevan and in the regions to develop their innovative tech products and solutions, as well as to direct them to promote traditional sectors of the economy, such as tourism, agriculture, energy, etc. It is expected that the projects submitted to this grant competition will also help to overcome the economic consequences of the epidemic, especially in the most vulnerable areas.

The deadline to apply is August 6, 2020, 23:59 (Yerevan time). Learn more about the program and application process here.