This article looks at business activities in violent and fragile environments through an armed violence lens and explores the role of business in armed violence reduction and prevention (AVRP) strategies. The article argues that the transformation of armed violence patterns over the last decade requires a new optic on a subject that has traditionally been discussed in the context of 'business and peace' or 'business and conflict', and of armed violence related to inter- or intra-state armed conflict. The article sets out to better understand how different constituencies have dealt with the role of the private sector in reducing armed violence, and to connect the dots between various scholarly and practice communities to identify entry points for AVRP strategies across sectors and institutions. The article suggests that such entry points exist in relation to the costing of armed violence and civic observatories. Keywords: business, armed violence, fragility, armed violence reduction and prevention (AVRP).