Google announced on Feb. 17 phase two of financing for the Google Support Fund that would provide a total of $10 million in grants, without the need to attract capital, to selected Ukrainian startups to “create a basis for economic recovery after the war.”
Successful applicants under the program would receive up to $100,000 in equity-free funding, as well as “Google mentoring support, product support, and $300,000 in Google Cloud credits,” according to an official blog post by Agnieszka Hrynievych-Bienek, senior director for Startups at Google.
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Applications for the program will open later this year.
“This practical assistance is aimed at enabling Ukrainian entrepreneurs to maintain and develop their businesses, strengthen their communities and create a foundation for post-war economic recovery,” said Hrynievych-Bienek.
The Google for Startups Ukraine Support Fund was created in March 2022, which Hrynievych-Bienek said has provided 58 recipients with $5 million in non-equity grants, and “$15.8 million in follow-on funding, achieved 100% revenue growth and significantly increased the number of jobs.”
“Many of them, such as Skyworker.ai and Mindly, use artificial intelligence to create economic opportunities; and several have received recognition from global experts, for example, Zeely, whose founders were included in the Forbes Europe 30 Under 30 list,” she said.
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Prior to the full-scale invasion, Ukraine had produced numerous notable startups that have since made a name for themselves in the global market.
The startup scene continued to develop despite the ongoing war, which also brought about a variety of defense tech startups – including drones and electronic warfare system makers – aimed to bolster Ukraine’s domestic defense industry.
However, it is unlikely that Google’s funds would be granted to defense tech startups.
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