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Google has announced a significant boost for Ukraine’s burgeoning startup ecosystem with the launch of a new fund worth USD 10 million. This initiative, slated to run throughout 2024 and 2025, aims to provide equity-free cash awards to support Ukrainian startups in their growth and development.
The announcement of this fund marks Google’s continued commitment to fostering innovation and entrepreneurship in Ukraine. It comes on the heels of the success of Google’s first fund, launched in 2018, which provided support to 11 Ukrainian startups. The new fund is expected to build on this success, further fueling the growth of Ukraine’s startup ecosystem.
In a statement, Google highlighted Ukraine’s vibrant startup ecosystem, noting the country’s strong pool of talent and innovative ideas. The tech giant expressed excitement about continuing its support for Ukrainian startups, helping them scale and succeed on a global stage.
Google’s investment in Ukraine’s startup ecosystem comes at a time when the country’s tech sector is experiencing rapid growth. According to the Ukrainian Venture Capital and Private Equity Association, Ukraine’s tech sector grew by 30% in 2021, with over USD 1 billion invested in Ukrainian startups. This growth is fueled by a combination of factors, including government support, a skilled workforce, and a thriving startup culture.
The new fund will be managed by Google for Startups, an initiative that provides mentoring, training, and support to startups around the world. Ukrainian startups interested in applying for the fund can do so through the Google for Startups website.
Google’s decision to launch a second fund for Ukraine-based startups underscores the company’s belief in the potential of Ukrainian entrepreneurs to drive innovation and economic growth. It also reflects Google’s broader commitment to supporting startups and fostering innovation around the world.
Overall, Google’s investment in Ukraine’s startup ecosystem is a positive development for the country’s tech sector. The fund will not only provide much-needed funding for startups but also help raise Ukraine’s profile as a hub for tech innovation. As Ukrainian startups continue to make their mark on the global stage, Google’s support will be instrumental in helping them achieve their full potential.
