Google Launches $10 Million Fund to Support Ukrainian Startups
- ByStartupStory | February 19, 2024
Technology giant Google has announced the launch of its second fund under the Startup Ukraine Support Fund initiative, with a corpus of $10 million aimed at providing equity-free cash awards to Ukrainian startups throughout 2024 and 2025. The Alphabet-owned entity will select startups on a rolling basis to receive up to $100,000 in non-dilutive funding, along with Google mentorship, product support, and up to $300,000 in Cloud credits, as detailed in a blog post.
The fund’s primary objective is to assist Ukrainian entrepreneurs in maintaining and expanding their businesses, bolstering their community, and laying the groundwork for economic recovery following the war, the blog post stated. Applications for the fund will open later this year.
Google has already committed over $45 million in cash and $7 million in kind to support humanitarian relief efforts for people in Ukraine and those displaced by the conflict. The Startup Ukraine Support Fund, launched previously, provided $5 million in equity-free cash awards to 58 recipients.
Agnieszka Hryniewicz-Bieniek, Senior Director of Google for Startups, highlighted the company’s efforts to support those affected by the war, including protecting against cyber attacks and combating misinformation. She stated, “We’ve also sought to use our products to help people affected by the war, like protecting against cyber attacks and fighting misinformation.”
Startups supported by the Ukraine Support Fund have reportedly received $15.8 million in follow-on funding, achieved 100% revenue growth, and significantly increased their employment despite the ongoing war and associated challenges, according to Google. Hryniewicz-Bieniek emphasized the importance of entrepreneurship in driving economic growth and innovation, stating, “In my role, I’ve worked with hundreds of startup founders who have taught me a lot about how entrepreneurship is a key engine of economic growth and innovation. This is why we were so keen to provide support to the Ukrainian startup ecosystem.”
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