Archil Gachechiladze: 500 Startups Program Winners Attracted $5 Million

Four startups have won the 500 Startups program and they have demonstrated impressive results in a short period, Bank of Georgia director general Archil Gachechiladze said.

The winner startups have attracted investments of around $5 million and created over 350 new job places. “We have impressive figures in a short period. We have attracted around $5 million of investments and this is a good indicator. Not only have these companies attracted investments. One of them has already introduced at DemoDay.

Therefore, we expect much good news”, Archil Gachechiladze told Business Partner. These startups are high-technology companies that mainly operate in the service industry. “One of them imports automobiles, repair them, and re-exports them to foreign countries.

At a glance, this is a simple process, but there are many details, including searching, auctions, automation. One of these companies developed such automation project that raised interest in Georgia and Central Asia dealers too”, Archil Gachechiladze noted. We remind you that with the support of the Bank of Georgia and at the initiative of Georgian Innovation and Technology Agency (GITA), the world’s leading business accelerator 500 Startups was invited to Georgia.