Startup
Posted: 2 weeks ago

Startup Kernel Grows in Philippine Market and Enters India with ₾525,000 Grant from GITA

Within the framework of the 650 000 - GEL grant program of the Georgian Agency for Innovation and Technology (GITA), the startup "Kernel" received 525 000 GEL as a grant.

The grant will be used to accelerate the growth rate in the Philippine market and enter the Indian market.

Kernel is a financial instruments platform that helps small businesses digitize and automate their accounting processes. Kernel's competitive advantage is the flexibility of the software, the architecture of which allows the kernel team to adapt the product to different country tax requirements and regulations at no extra (time and financial) cost.

The startup was established in late 2019, earning a GITA grant of GEL 100,000 in early 2020, which allowed the company team to develop the first product and attract the first customers.

The Kernel was also included in the 500 Startups Georgia acceleration program, which allowed the company to move to a new stage of development. Kernel investors are Digital Area (under 500 Startups), investment company Revap Group and an international private investor.

Georgian Innovation and Technology Agency launched a GEL 650,000 grant program with financial support from the World Bank on May 22, 2019. The goal of the program is to stimulate innovation, the creation of innovative enterprises and their involvement in the country's economy. Through the program, Georgian micro, small and medium enterprises, which have the potential to develop their own innovation and present to the world, will position the innovative product in the global market. The program funds a product with global potential - technological or business process innovation, which will be clearly associated with Georgia.