4-Year Partnership Signed between the Bank of Georgia, GITA and 500 GLOBAL
The partnership between the Bank of Georgia, GITA, and the world's leading global accelerator, 500 Global, continues. Additional 4-year collaboration between the parties was signed today.
Within the framework of the partnership, 500 Global will train startups in Georgia for four years. The global acceleration program will be held twice a year, and startups from all over the world will have the opportunity to undergo an intensive training course, which will end with a demo day. Additionally, the winning startup of each stream will participate in an international program organized by 500 Global. In the next 4 years, additional opportunities will be created for the development and scaling of startups operating in Georgia and the region.
"We are glad to continue implementing such a global project as 500 Georgia. The project is a unique opportunity for local startups to work with one of the world's leading, most experienced companies and mentors to develop their business. The first two streams of the acceleration program were successfully completed, which was a huge success for the region's startup ecosystem. I am sure that many interesting discoveries await us. This partnership will give many more startups the opportunity to develop, scale up and, with the help of experienced mentors, take advantage of new opportunities on global markets", said the General Director of the Bank of Georgia, Archil Gachechiladze.
A powerful global venture capital platform, 500 Global entered Georgia with the initiative of the Innovation and Technology Agency of the Ministry of Economy and Sustainable Development and the support of the Bank of Georgia. The first tripartite signing took place on February 20, 2020. During 2020-2021, 500 Global conducted two acceleration programs in Georgia, which were attended by a total of 30 Georgian and international technology startups. Four of these startups - CARDEAL, Cargon, Payze, Agrolabs - traveled to Silicon Valley to participate in the final component of the program, which included activities to establish new contacts and connect with investors.
500 Global gave impetus to the growth and development of local startups in Georgia. After the completion of the program, the readiness of companies for foreign private capital increased significantly. Many of them have expanded to markets in other countries, including Ukraine, Uzbekistan, and India.
500 Global is a global venture capital firm that makes early-stage investments in startup founders building fast-growing technology companies. Since its inception in 2010, 500 Global has supported more than 5,000 founders representing more than 2,600 companies operating in 81 countries. Its portfolio includes 45 companies valued at more than $1 billion and 130+ companies valued at more than $100 million. 500 Global works closely with stakeholders and advises governments and corporations to create entrepreneurial ecosystems where startups can grow rapidly.