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., 15 Nov 2021 - 18:31, Tbilisi,Georgia

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.