28.May .2021 19:30

Startups Attract Millions of GEL in Foreign Investment – Deputy Minister of Economy

Startups Attract Millions of GEL in Foreign Investment – Deputy Minister of Economy
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"The development of the knowledge and technology-based economy is a priority of the Government of Georgia and in recent years has been very active in establishing and promoting the state innovative ecosystem. GITA of the Ministry of Economy today has a number of tools for access to finance, as well as technical assistance, acceleration, mentorship, which promotes the development of startups, "- Deputy Minister of Economy Irakli Nadareishvili said at the 3rd event of the Global Startup Fund. Selected 16 startups held presentations to gain funding from international investors.
 
According to the Deputy Minister, the participation of investors and their interest in the development of the ecosystem is very important, and in this regard, the last two years have been particularly successful.

"Last year, during the pandemic, a world-class accelerator company entered the country, which was followed by a million-dollar investment package of the Bank of Georgia in the startup ecosystem, as well as a number of companies concluding agreements with international investors, including Silicon Valley, USA. Today, we can say that the state has invested about 11 million GEL in ecosystem development in terms of direct programs, while startups have attracted millions of GEL in foreign direct investment," - said Irakli Nadareishvili.

The Global Startup Fund is the first international startup fund in Georgia to be established at BTU with the support of Israel Silicon Term Investors and GITA. The first major funding, in partnership with GITA, in the amount of GEL 1,300,000, was implemented in 2019 in the startup Echolize. After joining MIT Entrepreneurship Center in 2021, all BTU Startup Fund partner companies, startups and investors have access to the Martin Trust Center's international network, which is one of the largest startup ecosystems in the world.