US investors set up $500,000 fund to finance Georgian startups

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.