US investors set up $500,000 fund to finance Georgian startups
GITA will identify startups with global potential in Georgia, in which TECH Friends of Georgia will invest $500,000. Photo: Nino Alavidze/Agenda.ge.
Tweet 
Share
US investors have set up a $500,000 fund to finance Georgian startups as part of a memorandum of understanding signed between the Georgian Innovation and Technology Agency (GITA) and TECH Friends of Georgia.
The memorandum aims to strengthen cooperation between Georgian and Californian startups and to organise various activities in the field of innovation and technology to help Georgian startups gain access to necessary resources and finances, as well as international experience.
As part of the memorandum GITA will identify startups with global potential in Georgia, in which TECH Friends of Georgia will invest $500,000.
Two Georgian startups - Payze and Agrolabs - have won the competition of an early-stage startup accelerator 500 Startups in Georgia and will travel to Silicon Valley this year to participate in a one-month acceleration programme of 500 Startups.
Massachusetts Institute of Technology (MIT) has started startup project in Georgia at the base of the Business and Technology University (BTU) of Georgia.
Georgian startups will now able to enter the Iranian market of 80 million consumers and develop new businesses in Iran.
Two Georgian technology startups finished among the top 10 projects from thousands of international initiatives at one of the largest mobile innovations event in Spain last week.
The global leader in digital automotive merchandising software and data SpinCar has acquired Georgian Pulsar AI startup company - the creator of the auto industry’s ‘most advanced conversational’ AI platform.
Catapult VC venture fund, a California-based company involved in investments in technology ventures, will launch a fund dedicated to investing in Georgia's innovative startups, in a move Prime Minister of Georgia Irakli Garibashvili called an "important step in developing the country into an innovative hub".
Georgia’s Black Sea city of Batumi on Saturday hosted a national leg of the Startup World Cup competition involving top startups from across the country, the Georgian Innovation and Technology Agency said.