Startup
Posted: 1 year ago

500 Global Acceleration to Retrain 15 More Startups within New Program

The Innovation and Technology Agency of Georgia, together with the Bank of Georgia and 500 Global, continues to promote startups. One of the world's largest accelerators will retrain 15 more startups within the new program.

Applications for participation in the program came from all over the world. About 50% of the startups were incorporated in Georgia, and the rest in Eastern Europe, Central Asia, the Middle East, Great Britain, and USA. The following 15 companies participating in the third stream are: Bonpara, CALEN AI, Crosscreators, Epoint, GOTCHA, iDialogue, Kings, KOVZY, LiveBoard, Praktika, Pyme, QuickShipper, TASS VISION, Text'nPayMe, and Voiceloft.

The founders of the companies participating in the program are from such countries as: Armenia, Azerbaijan, Georgia, Germany, Uzbekistan and others. The 500Georgia Third Stream Acceleration Program began today and will conclude with a demo day in January. The program consists of different phases and includes sessions and workshops as well as individual mentoring for each company.

An agreement between the Innovation and Technology Agency of Georgia, the Bank of Georgia, and 500 Global (500 Startups Incubator L.L.C) were signed a few months ago, according to which 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. In addition, each stream-winning startup will participate in an international program organized by 500 Global.

A powerful global venture capital platform, 500 Global entered Georgia in 2020 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 tripartite agreement was signed for the first time on February 20. 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, companies' readiness for foreign private capital increased significantly. Many of them have expanded to markets in other countries, including Ukraine, Uzbekistan, and India. As the Bank of Georgia notes in an article published on TechCrunch, the value of 500Georgia participating companies increased by 212%.

500 Global is a global venture capital firm that makes early stage investments in startup founders building high-growth 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.