Google announces second fund to support startups in Ukraine

Devdiscourse News Desk | California | Updated: 17-02-2024 22:48 IST | Created: 17-02-2024 22:48 IST
Google announces second fund to support startups in Ukraine

In March 2022, Google launched the Google for Startups Ukraine Support Fund to help Ukrainian entrepreneurs maintain and grow their startups. The tech giant has now announced a second support fund, worth $10 million, to allocate equity-free cash awards to Ukrainian startups throughout 2024 and 2025, furthering its commitment to supporting the economic recovery of the crisis-hit country.

The first fund provided $5 million in equity-free cash awards to 58 recipients. Startups supported by the Ukraine Support Fund created 100% revenue growth and significantly increased their employment despite the crisis, Google said on Saturday.

For the second Google for Startups Ukraine Support Fund, startups will be announced on a rolling basis and will receive up to $100,000 in non-dilutive funding, alongside additional benefits including Google mentorship, product support and up to $300,000 in Cloud credits. Applications for the program will open later this year.

"Since the devastating war in Ukraine started, Google has committed over $45 million in cash and $7 million in kind to support humanitarian relief efforts for people in Ukraine and those fleeing the war. In 2022, we were honored to receive the first-ever "Peace Prize" award introduced by President Zelenskyy for our work to support the people of Ukraine. Since then, the war has taken on new dimensions, and we remain steadfast in our commitment to being worthy of that award," the tech giant wrote in a blog post.

Give Feedback