California-based Catapult VC venture fund to invest in Georgia's innovative startups
Prime Minister Irakli Garibashvili discussed potential of Georgian startups at his meeting with Catapult VC Founder and Managing Partner Jonathan Tower. Photo via Prime Minister's Office.
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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".
Garibashvili met Jonathan Tower, the fund's Founder and Managing Partner, on Monday, with the meeting concerning the launch of the fund, Catapult Georgia One, to support local startups.
The PM's office said the company would become the "first venture investment fund established in Georgia", with the head of the government promising "full support" to the project.
Garibashvili also said Georgia's Innovation and Technology Agency would be a "significant partner" of the initiative, with his meeting with the investment fund's founder involving discussions of "significant progress" of Georgia in launching startups with "global potential".
The US-based fund has been involved in technology investments for the past 15 years, with over $220 million invested in more than 100 companies.
Georgian Prime Minister Irakli Garibashvili has today appointed Vazil Hudak, former Vice-President of the European Investment Bank (EIB) and former Minister of Economy of Slovakia, as his special adviser on foreign investments.
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.
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.
Georgia's Innovation and Technology Agency has announced a 100,000 GEL co-financing grant competition for the sixth time.
The new sustainable European hotel chain Quartz Inn Hotels, which officially launched at the World Travel Market (WTM) in London in November, has announced plans to expand in Georgia.
Investors and ecosystem builders from Central Eurasia, Czech Republic, Mongolia, Turkey, the United Arab Emirates and the United Kingdom discussed trends in the venture investment market at a summit dedicated to the topic in Tbilisi between Tuesday and Wednesday.