Ukrainian Startup Fund finances almost 200 startups for almost $5 mln – Finance Ministry

The Ukrainian Startup Fund (USF) has funded about 200 startups for almost $5 million, the total amount of funding for these projects, together with partners, amounted to $23 million, the Ministry of Finance has said.

"During the operation of the Ukrainian Startup Fund, which is subordinate to the Ministry of Finance, more than 3,000 applications have already been received. Following the selection and evaluation of specialized experts, almost 200 startups were financed for about $5 million," the ministry said on its website.

In particular, as of July 1, 2021, the fund's supervisory board approved funding for 130 startups based on the results of Pitch Day, as well as 65 startups under the acceleration program, the ministry said.

Deputy Finance Minister Oleksandr Kava, who is also a member of the fund's supervisory board, commented that startups from agro-technology, artificial intelligence and healthcare industries are leading among the winners of the grant program.

"In addition, the fund encourages startup teams to submit projects for the development of eGovernment, industry, infrastructure and other areas, which certainly make a significant contribution to the development of an innovative startup ecosystem, the economy and the state as a whole," he said.

The Ukrainian Startup Fund is a state fund created at the initiative of the Cabinet of Ministers. Its purpose is to provide financing to technology companies in the early stages of development (pre-seed and seed).

Source: www.en.interfax.com.ua