US Investors Establish 500,000-USD Foundation to Fund Georgian Startups

US investors have established a 500,000-USD foundation to finance GITA startups. Georgian Innovation and Technology Agency (GITA) and TECH Friends of Georgia have already signed a memorandum on mutual understanding.

Under the memorandum, GITA will select startups with global potential in which TECH Friends of Georgia will invest $500,000.

In order to develop the Georgian startup ecosystem and deepen cooperation between startup ecosystems of Georgia and California, the Partiers have agreed to organize various activities for promoting innovations and technologies and this will enable Georgian startups to get access to financial resources and acquire international experience.

The online conference was opened by Economy Minister Natia Turnava. The welcome speech was delivered by the US senator from Minnesota Norm Coleman. The memorandum was signed by GITA chairman Avtandil Kasradze and TECH Friends of Georgia managing partners Isaac Applbaum, Ori Sasson, Marc Abramowitz, and Ted Tussing.