Google doubles funding for Ukrainian IT startups to $10 mln in 2022

Google Corporation, as part of the Startup Support Fund in Ukraine, doubled funding for Ukrainian companies in 2022 by providing $10 million, Head of Google for Startups, CEE Michał Kramarz said at the Tech Emerging Europe Advocates – Meeting 2023 in Warsaw.

He said that Ukrainian startups supported by the fund received $10 million in funding during the war in 2022 and were able to hire 216 additional employees. But what is also very important: they were able to increase revenue by 200% year-on-year, which means that even in a difficult time, during the war, in a situation that requires resilience, they were able to achieve incredible results, he added.

Kramarz recalled that in March last year, Google announced the creation of a fund to support startups in Ukraine of $5 million. Within its framework, it was planned to provide grants of up to $100,000 without participation in the capital of companies. Selected startups were also eligible for corporate mentoring, product support, and Cloud credits.

Google received 1,700 applications from startups from Ukraine, of which 300 were selected. From this number, in turn, Google initially planned to select 50, but the startups were so good that the company said: let's at least try to support more, he said.

Kramarz did not name the exact number of selected companies but noted that they could not be 100 or 200, since in this case, the financial support program for each company would be very low.

The corporation's representative also announced the launch of an online training program from Google for people who lost their jobs due to the war, but remained in Ukraine and are ready to work. In three weeks, 32,000 people went through the program, and 10% of them gave positive feedback.

Google also supports women with its Founders Fund with women's, which aims to level the playing field for everyone.

In addition, Startups Campus Google in Warsaw also hosts 60 startup founders from Ukraine and Belarus.

Kramarz expressed hope that after the war, the ecosystems of Poland, Ukraine, and the UK will work even more in unison than they do now.

Source: www.en.interfax.com.ua