Google to allocate $10 million to support Ukrainian startups

19 February 23:52

Technology giant Google has announced the launch of the second fund under the Startup Ukraine Support Fund initiative with a budget of $10 million, which is intended to support Ukrainian startups in 2024 and 2025. This was reported by the with reference to the Google press service.

It is noted that since the beginning of the military events in Ukraine, Google has already spent more than $45 million in cash and $7 million in non-cash donations to support humanitarian initiatives for the benefit of the Ukrainian population and those experiencing military events.

“We are also committed to using our products to help people affected by the war, including in the areas of cyber defence and countering disinformation. In March 2022, Google launched the Google for Startups Ukraine Support Fund, which provided $5 million in financial support for non-equity grants to 58 recipients,”

– the company emphasised.

Startups supported by the Ukraine Support Fund have received $15.8 million in further funding, have seen revenue growth of 100% and have significantly increased the number of jobs despite the war and the difficulties they have faced. Many of them, such as Skyworker.ai and Mindly, are using artificial intelligence to create economic opportunities; and several have been recognised by global experts, such as Zeely, whose founders were named to the Forbes Europe 30 Under 30 list.

Today, Google is announcing the launch of the second round of funding for the Google Startup Fund for Ukraine, a $10 million equity-neutral grant programme through 2024.

“As in the first round, selected Ukrainian startups will be announced gradually over the course of the year and will receive up to $200,000 in equity funding, as well as Google mentorship, product support, and $300,000 in Google Cloud credits,” the statement said,

– the statement reads.

This practical assistance is aimed at enabling Ukrainian entrepreneurs to sustain and grow their businesses, strengthen their communities, and lay the groundwork for economic recovery after the war.

Applications will be open later this year.

Дзвенислава Карплюк
Editor