Google launches second fund of $10M to support startups in Ukraine

Technology giant Google launched its second fund under the Startup Ukraine Support Fund initiative with a corpus of $10 million to allocate equity-free cash awards throughout 2024 and 2025.

The Alphabet-owned entity will announce selected startups on a rolling basis that would receive up to $1,00,000 in non-dilutive funding, as well as ongoing Google mentorship, product support, and up to $3,00,000 in Cloud credits, it said in a blog post.

The fund is designed to help Ukrainian entrepreneurs maintain and grow their businesses, strengthen their community, and build a foundation for post-war economic recovery, it added. Applications would be opened later in the year.

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 war. It launched the Startup Ukraine Support Fund to provide $5 million in equity-free cash awards to 58 recipients. 

“We’ve also sought to use our products to help people affected by the war, like protecting against cyber attacks and fighting misinformation,” Agnieszka Hryniewicz-Bieniek, Senior Director of Google for Startups, said in the blog post.

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Startups supported by the Ukraine Support Fund have received $15.8 million in follow-on funding, created 100% revenue growth, and significantly increased their employment despite the war and hardships faced, according to Google.

“In my role, I’ve worked with hundreds of startup founders who have taught me a lot about how entrepreneurship is a key engine of economic growth and innovation. This is why we were so keen to provide support to the Ukrainian startup ecosystem,” the executive added.