Denis Dovgopoly announced a $1.5-2 million fund for Ukrainian startups

Denis Dovgopoly announced a $1.5-2 million fund for Ukrainian startups

The Fund will give grants in the amount of $50,000

The fund does not yet have a name. His partners are Denis Dovgopoly, Ivan Petrenko and others. The Fund's Board of Directors is still in the process of formation. The fund was formed on the basis of the UCU Center for Entrepreneurship, its operational team is from the same place.

As Denis Dovgopoly noted, the size of the fund will reach $1.5-2 million, and could potentially grow up to $10 million.

According to him, the idea of the fund originated from the fact that there is now a certain amount of money in the IT market that companies and people cannot transfer to the needs of the army or to humanitarian funds, but are looking for opportunities to spend it for the benefit of Ukraine.

It is assumed that six teams will receive grants of $50,000 at the start, and 20-30 more startups will receive grants in the future.

The Fund is primarily interested in teams in which at least 70% of employees remain in Ukraine. Despite the fact that a startup can be incorporated anywhere, the grant money should be used to pay salaries to Ukrainian specialists. At the start of the fund, this is a basic requirement.

In addition, a startup must have an already sold product, and, accordingly, the proceeds from these sales. The expenses of such startups should be from $10,000 to $25,000 per month, that is, grant money should be enough for at least 2 months. It will be a plus if the team has already raised investments, or had an investor ready to enter a startup along with a grant.

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