Two Georgian startups to travel to Silicon Valley, participate in 500 Startups programme in 2021
Payze and Agrolabs will travel to Silicon Valley this year to participate in a one-month acceleration programme of 500 Startups. Photo: Entrepreneur Media.
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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.
The winners were selected from 10 startups that made it to the finals. Four out of 10 startups were from Latvia, Ukraine and Estonia.
This is the second wave of 500 Startups winners. The winners of the first wave Cardeal and Cargon will also travel to Silicon Valley this year.
The participant companies of the first wave of 500 Startups, which was held in October 2020, have attracted total investments of 16.5 million GEL, says the Ministry of Economy of Georgia.
500 Startups went on the hunt for smart and passionate entrepreneurs from Georgia and the neighbouring countries in May 2020 when it launched the first international accelerator in the country, 500 Georgia, in partnership with the Georgian Innovation and Technology Agency and Bank of Georgia.
500 Startups has backed more than 2,500 companies or 5,000 entrepreneurs in more than 77 countries.
Massachusetts Institute of Technology (MIT) has started startup project in Georgia at the base of the Business and Technology University (BTU) of Georgia.
Georgian platform AgroServ.Ge, which enables easy communication between agricultural service providers and the recipient of agricultural services is among the 16 winners of the European Young Innovators 2020.
Impact Hub Tbilisi has been named the most recommended impact hub in the global network of more than 100 international hubs run by Impact Hub Global.
Global business accelerator 500 Startups has selected two winning startups in Georgia that will travel to Silicon Valley in the spring of 2021 and participate in a one-month programme of 500 Startups. One winner is an auction portal for used vehicles Cardeal and the second is an intelligent logistics platform, Cargon.
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 McDonald’s Group in Georgia has opened its first bread factory, Breadfield, in the capital city of Tbilisi today which will supply buns to McDonalds restaurants not only in Georgia, but also in Armenia and Azerbaijan.
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".
The Georgian Innovation and Technology Agency on Friday announced it had signed a contract with 500 Global, a venture capital firm, to retrain startups in Georgia over the next four years.