Results of Project 500 Georgia - Created New, Innovative and Strategic Digital Projects
About a year ago, 500 Startups, one of the most active global venture capital companies, entered the Georgian market.
Since 2010, the company has invested in more than 2,400 companies in 77 countries. Its portfolio includes startups such as: Intercom, Credit Karma, Grab, Talkdesk, Canva, GitLab. In addition to startup founders, 500 Startups assist countries and corporations in developing innovative ecosystems through acceleration and education programs, events, and partnerships around the world.
''Project 500 Georgia is a joint project of 500 Startups Venture Capital Company, Innovation and Technology Agency and Bank of Georgia Group. Ecosystem Digital Area is a member of the Bank of Georgia Group, whose main niche is to create new, innovative and strategic digital projects. Therefore, Digital Area is particularly enthusiastic and interested in the implementation of the 500 Georgia project. The goal of the project is to develop Georgia's investment potential and startup ecosystem, ”said Andro Ratiani, CEO of Digital Area.
In the first stream of the 500 Georgia project, 14 startups were accelerated and all received investments. In the second flow, 14 startups were involved in the acceleration process, and investments were made in 13 of them.
After the completion of the second flow of 500 Georgia, the results are as follows: 16.5 million GEL - attracted investment, 89 international partners and 354 jobs created.
In total, 27 new startups from 8 different countries (Georgia, Germany, Azerbaijan, United Arab Emirates, Estonia, Latvia, Ukraine, UK and USA) were added to the Digital Area ecosystem of diverse galaxies, which means that the Digital Area entered new industrial markets.