8 Georgian Startups Attract Investments of GEL 32 million

The Georgian Innovation and Technology Agency (GITA) has issued grants of over GEL 8 million to more than 200 startup projects, including 96 projects were financed as part of the 100,00-GEL grant program, the GITA director Avtandil Kasradze noted.

“Out of the 200 innovative startups, 25 ones managed to attract additional international investments. Eight of them have already earned foreign investments of GEL 32 million, including GEL 25 million was transferred to Georgia in 2020. We should know that this has happened amid the COVID-19 pandemic. Next year, this sum will be either zero or GEL 500 million.

There is no other scenario because startups cannot grow slowly – either they die or they demonstrate large-scale and rapid growth”, Avtandil Kasradze said. 90% of the 32-million-GEL investments are foreign capitals, he added. “It is also very important for us that the Georgian business make investments in innovative startups. This is a necessary precondition to generate maximum wealth in the country. Raising the interest of Georgia investors is of crucial importance for us”, GITA director Avtandil Kasradze noted.