Startup
Posted: 1 year ago

Georgian Startups Attracts GEL 28 million amid Pandemic

Georgian startups funded by Georgian Innovation and Technology Agency (GITA) have attracted private investments of GEL 35 million, including GEL 28 million in the 2020 pandemic year.

Since the foundation, GITA has issued startup grants of GEL 11.3 million. The GITA chairman introduced the report on the 2020 performance in an online format. As noted by Avtandil Kasradze, as part of the GITA’s grant program of prototyping, the 5,000-GEL grant program’s amount has increased to GEL 15,000.

As a result, GITA has selected 77 startups as part of the grant programs in 2020, namely: Twenty-seven (26) startups have won the 15,000-GEL grant program in 2020 and 25 projects will be financed in 2021. Forty (40) startups have won the 100,000-GEL co-funding grant program in 2020 and 40 startups will be financed in 2021. Ten (10) startups won the 650,000-GEL grant program in 2020 and all 10 projects will be financed in 2021. With the financial support of the Bank of Georgia and by the initiative of GITA, the world’s top accelerator 500 Startups entered in Georgia.

Over 30 startups passed the acceleration program in 2020-2021 and attracted investments of USD 4.5 million in the initial three months. Finally, 4 finalists were selected that will introduce their startups in Silicon Valley in 2021.