EU to allocate €20 million to support Ukrainian startups

As part of the initiative, at least 200 Ukrainian technology startups will be financed in the amount of up to 60,000 euros each. This is reported by the European Commission, Forbes paid attention.

  • The EU will also offer non-financial support such as business consulting and partner search.
  • The European Commission says that this will increase the ability of Ukrainian companies to interact with the European ecosystem, enter new markets and benefit from European financing instruments.
  • Support of €20 million will be paid through a competition for a pan-European network of startup associations.

The action will also prepare Ukrainian startups for future funding from the EIC (European Innovation Council). The EIC can fund startups up to €17.5 million in grants and equity investments. And it can also attract further private investment, three times the amount invested by public funds.

In addition, an agreement on Ukraine’s accession to the Horizon Europe and Euratom research and training programs came into force today. The agreement was signed on October 12, 2021 on the occasion of the Ukraine-EU summit.

Ukraine will participate in the Horizon Europe and Euratom programs without a financial contribution during 2021 and 2022. the refusal of the contribution was estimated at about 20 million euros.