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Google Launches 2nd Fund Worth $10 Million For Ukraine–Based Start-Ups

Google has recently announced the launch of its second Google for Start-ups Ukraine Support Fund, a $10 million initiative aimed at boosting the growth and development of Ukraine-based start-ups amongst the ongoing challenges in the region. This fund is a continuation of Google’s commitment to supporting the economic recovery of Ukraine, following the first fund which provided $5 million in equity-free cash awards to 58 recipients.

The new fund will allocate equity-free cash awards throughout 2024 and 2025, with selected start-ups receiving up to $100,000 in non-dilutive funding. In addition to financial support, the program will offer ongoing mentorship from Google, product support, and up to $300,000 in Google Cloud credits. The hands-on support is designed to help Ukrainian entrepreneurs maintain and grow their businesses, strengthen their communities, and lay the groundwork for post-war economic recovery.

Since the onset of the war in Ukraine, Google has committed over $45 million in cash and $7 million in kind to support humanitarian relief efforts for people in Ukraine and those fleeing the conflict. The tech giant has also utilized its products to aid those affected by the war, focusing on cybersecurity, and combating misinformation.

The start-ups supported by the initial Ukraine Support Fund have demonstrated remarkable resilience and success, achieving $15.8 million in follow-on funding, 100% revenue growth, and significant employment increases despite the war and associated hardships. Notable start-ups like Skyworker.ai and Mindly have leveraged AI to drive economic opportunities, with some founders being recognized in Forbes Europe’s 30 under 30 list.

Google’s continued investment in Ukrainian start-ups underscores the importance of entrepreneurship as a key engine of economic growth and innovation. By providing this support, Google aims to empower founders to navigate the challenges of operating in a conflict zone while contributing to the broader goal of economic stability and recovery.

Applications for the second Google for Start-ups Ukraine Support Fund will open later this year, offering a beacon of hope and opportunity for Ukrainian start-ups striving to make a positive impact in a time of adversity.

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