Google introduces a new fund valued at $10 million aimed at supporting startups based in Ukraine.

Google has revealed its intention to establish a second support fund for startups in Ukraine, valued at $10 million. This initiative, set to distribute equity-free cash awards throughout 2024 and 2025, comes in the wake of the ongoing conflict in Ukraine. Google has emphasized its commitment to aiding humanitarian relief efforts in the region, having already contributed $45 million in cash and $7 million in kind.

Agnieszka Hryniewicz-Bieniek, Senior Director of Google for Startups, highlighted the company's multifaceted approach, which includes leveraging its products to combat cyber threats and misinformation. The new 'Google for Startups Ukraine Support Fund' will extend non-dilutive funding of up to $100,000 to selected startups, along with ongoing mentorship, product support, and Cloud credits totaling up to $300,000.

The objective of this initiative is to provide practical assistance to Ukrainian entrepreneurs, enabling them to sustain and expand their businesses, bolster community resilience, and lay the groundwork for economic recovery post-conflict. The application process for this support program will commence later in the year.

This announcement follows Google's initial fund launched in March 2022, which has already dispersed $5 million in equity-free cash awards to 58 recipients. Startups backed by the Ukraine Support Fund have collectively secured $15.8 million in subsequent funding, achieved substantial revenue growth, and increased their workforce despite the challenging circumstances. Noteworthy examples include Skyworker.ai and Mindly, both utilizing AI to drive economic opportunities.