New Venture Investment Fund Preps 50 Million to Support Local Startups
The first venture investment fund will be established in Georgia. The fund of Catapult Georgia One will be presented with a capital of 50 million.
According to the government administration, the details were discussed by the Prime Minister Irakli Gharibashvili, the founder and managing partner of the venture capital fund, Catapult VC, Jonathan Towers.
The fund will invest in Georgian innovative startup companies and promote their rapid growth in the global market.
The Prime Minister noted that the Venture Investment Fund is another important step towards establishing the country as a regional innovation hub. According to Irakli Gharibashvili, the fund will have the full support of the Georgian government and the Innovation Agency will be one of its important partners.
At the meeting, in the conditions of global competition, the importance of faster development of innovations was emphasized.
Catapult is a venture capital fund that specializes in investing in technical hubs beyond the Silicon Valley. The fund has invested more than $ 220 million in more than 100 companies over 15 years.
Colin Michael Donohue, Director of Startup Grind Tbilisi, Christopher Milton Barr, Co-Director of US Market Access Center; Natia Turnava, Minister of Economy and Sustainable Development of Georgia; Irakli Nadareishvili, Deputy Minister of Economy and Sustainable Development of Georgia; Avtandil Kasradze, Chairman of the "Innovation and Technology Agency" were present.