30.Nov .2020 14:30

We invested $ 8 MLN in the funding of Startups – GITA

We invested $ 8 MLN in the funding of Startups – GITA
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Georgia’s Innovation and Technology Agency (GITA) has been working on the development of startups and their funding in Georgia for several years. The head of the Agency told bm.ge, that the funding started in 2018 and the results were received from 2020.

As Avtandil Kasradze explains, 2-3 years are enough to become clear whether a startup is viable to become a business.

"From 2018 until now, we have spent over 8 million on more than 200 startup projects, while 25 startups have already hit the market and brought 32 million GEL to Georgia, as you can see, it exceeds our expenditure. However, there is still great potential for growth, "said Avto Kasradze.

According to him, 2020 has been special by the fact that the international accelerator 500 Startups has been introduced in Georgia, which will help Georgian startups in the development.