Disbursements from Ukrainian Startup Fund to Begin Before End of 2019

The Fund was developed to help Ukrainian startups get off the ground


Photo Ukraine Government Portal


The amount planned for the program of financing Ukrainian startups has been increased to UAH 440 million, around $17.6 million. The previous amount was UAH 390 million, about $15.6 million, but the government increased it to the current figure.

Ukrainian Prime Minister Oleksiy Honcharuk said this during a briefing on the start of receipt of applications for grants by the Ukrainian Startup Fund. This fund is an integral part of the Government’s plan to develop Ukraine as a ‘state of innovation.’ This was reported by the Ukraine Government Portal.

“As part of the work of the Ukrainian Startup Fund, starting today, accepting applications for financing Ukrainian business projects at the initial stages of their development has been launched, namely the pre-seed and seed funding. By the end of this year, we will give out the first share of UAH 40 million to business projects that will be selected. The next year the funding will be UAH 60 million per quarter, that is UAH 240 million in total for 2020,” Honcharuk explained.

He added that the main areas for financing would include:

  • Artificial intelligence
  • Augmented reality
  • Big Data
  • Blockchain
  • Cybersecurity
  • Defense
  • Medical industry and healthcare
  • Travel
  • Financial technology
  • Educational technology
  • Robotics
  • Professional services
  • Software as a service
  • Manufacturing
  • E-commerce
  • The internet of things

“The Government will not directly interfere with business. Instead, our victory will be that by supporting startups and encouraging Ukrainians to engage in entrepreneurship, we will enhance Ukrainian economic development and create more jobs. These aspects are the factors for the overall well-being of our people,” said Honcharuk.

At the end of 2019, the first pitch event will take place. This would be a short presentation of business concepts to a tender committee. Based on the committee recommendations, startups will be selected to receive financial assistance.

The Fund was established in July 2019. Since its launch, the grant program procedures were developed and a portal, usf.com.ua, for accepting applications was created.

Source Ukraine Government Portal
date 02.12.2019
categories Economics
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