GITA Signed a ₾17.5 Million Contract with 500 GLOBAL

The Innovation and Technology Agency of Georgia signed a 17.5 million GEL contract with 500 Global (500 Startups Incubator L.L.C), 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. Additionally, the winning startup of each cohort will participate in an international program organized by 500 Global.

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, companies' readiness for foreign private capital increased significantly. Many of them have expanded to markets in other countries, including Ukraine, Uzbekistan, and India. As Bank of Georgia notes in its TechCrunch article, the value of 500Georgia 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.