The amount of funding for Ukrainian startups is UAH 440 million. Oleksiy Honcharuk said this during a briefing on the start of receipt of grant applications by the Ukrainian Foundation.
“Within the framework of the Ukrainian Startup Fund, on December 2, applications for financing of Ukrainian business projects were initiated at the initial stages of their development, namely the pre-seed and seed stages. By the end of this year, we will issue the first UAH 40 million to the projects that will be selected. In the next – UAH 60 million per quarter, that is UAH 240 million in total for 2020”, he explained.
Key areas of finance include Artificial Intelligence, Augmented Reality, Big Data, Blockchain, Cybersecurity, Defense, Medicine and Health, Travel, Financial Technology, Educational Technology, Robotics, Professional Services, Software as a Service, Production, E-Commerce, Internet things.
“The government will not interfere with the business. However, our victory will be that by supporting startups and encouraging Ukrainians to entrepreneurship, we will strengthen the development of the Ukrainian economy and create additional jobs. These aspects are factors in the overall well-being of our people”, Honcharuk said.
The first Pitch-event, that is, a brief presentation of business concepts in front of the competition committee, which will determine the startups that receive a grant, is due by the end of this year.
The Ukrainian Startup Fund (UFS) is a government fund established by the Cabinet of Ministers. The Fund provides grant funding rather than equity participation. The process of selecting start-ups for grants is competitive: companies are evaluated and selected by a board of independent investment experts.
Recall that the Fund began its work on July 11, 2019. Each startup will be able to get financing from $ 25,000 to $ 75,000. The total amount of funds at the time of launch was UAH 390 million (now – UAH 440 million).