Google launches 2nd fund worth $10 mn for Ukraine–based startups

New Delhi, Feb 17 (SocialNews.XYZ) Google on Saturday announced a second startup support fund for Ukraine worth $10 million, to allocate equity-free cash awards throughout 2024 and 2025.

Since the devastating war in Ukraine started, Google said it has committed over $45 million in cash and $7 million in kind to support humanitarian relief efforts for people in Ukraine and those fleeing the war.

“We’ve also sought to use our products to help people affected by the war, like protecting against cyber attacks and fighting misinformation,” said Agnieszka Hryniewicz-Bieniek, Senior Director, Google for Startups.

The second ‘Google for Startups Ukraine Support Fund’ will select startups on a rolling basis and give up to $100,000 in non-dilutive funding, as well as ongoing Google mentorship, product support and up to $300,000 in Cloud credits.

“This hands-on support is designed to help Ukrainian entrepreneurs maintain and grow their businesses, strengthen their community and build a foundation for post-war economic recovery. Applications will open later this year,” the company announced.

In March 2022, the company first announced the fund to support Ukraine-based startups, which has gone on to provide $5 million in equity-free cash awards to 58 recipients.

Startups supported by the Ukraine Support Fund have received $15.8 million in follow-on funding, created 100 per cent revenue growth and significantly increased their employment despite the war and hardships they have faced, the company said.

Startups like Skyworker.ai and Mindly are using AI to drive economic opportunity, Google added.

Source: IANS