New brand reflects the opportunity ahead, mandate and development plans for the regional ecosystem
PALO ALTO, Calif. & TBILISI, Georgia–(BUSINESS WIRE)–500 Global, one of the world’s most active venture capital firms1, in partnership with Georgia’s Innovation and Technology Agency (GITA) and Bank of Georgia, announced 500 Global in Eurasia based in Georgia, a strategy to find, select and accelerate startups with the highest potential across the Eurasia region through the 500 Global Accelerator Program in Georgia (“the Program”). To date, the Program has accelerated over 70 startups across five successful batches. GITA and Bank of Georgia will continue to play pivotal parts in the Program’s success as foundational partners of 500 Global’s regional efforts.
“We started working with GITA many years ago to help set up the country as a regional entrepreneurship hub. To date we have trained in Georgia, more than 70 companies, stemming from 10 countries and brought in many speakers and members of the VC community from some of the top investment hubs in the world,” said Pedro Santos Vieira, Partner at 500 Global in Eurasia. “500 Georgia was the inception of 500 Global in Eurasia. This would not be possible without our close partnership with GITA and Bank of Georgia. While no changes will be made to our mandate, this renaming is a very important step forward in our mission to help build up the Georgian entrepreneurial ecosystem and uplift the regional economy.”
The local partners also shared their views and excitement with the new brand. According to Avtandil Kasradze, GITA’s Chairman, “The rebranding is in tune with significant efforts of Government of Georgia and Georgia’s Innovation and Technology Agency to position Georgia as regional innovation hub which is further strengthened by recent government initiatives like introduction of ‘innovative startup’ status for the companies that, effective Jan 1, 2025 will enjoy 0% taxes for three years and ‘innovative SME’ status that will enjoy 500% tax credit or 30% cash back on qualified R&D expenses.”
“As a leading tech company in the country, Bank of Georgia is dedicated to fostering tech initiatives and nurturing the startup ecosystem in Georgia, with a vision to establish the country as a pivotal startup hub in the region. Our collaboration with 500 Global and GITA has been instrumental in driving this agenda forward. Over the years, within our partnership we have hosted 5 batches of the acceleration program, empowering Georgian and regional startups to flourish under the guidance of some of the top-tier mentors, explore new growth opportunities and become part of 500 Global’s startup network,” said Levan Gomshiashvili, Chief Marketing, Digital and CX Officer at Bank of Georgia. “Within our initiative, together with 500 Global, we have already trained 70 startups from 10 countries and we remain optimistic that 500 Global in Eurasia will continue to play a crucial role in this journey, propelling Georgia towards becoming the premier destination for promising startups, equipped with the essential resources, knowledge, and support for their growth.”
In this sixth batch, 9 tech startups from 6 countries have been selected to participate in Batch 6 of the 500 Global Accelerator Program in Georgia.
They will engage in 500 Global’s intensive course focused on customer development, growth marketing, and other essential business foundations. Within the Program, participants will participate in various sessions aimed at boosting key metrics critical for scaling and fundraising. Upon completion of the Program, the selected startups will present their companies on a Demo day.
The Selected Companies:
- Clustr: A research-driven investment platform for web3 users, which builds an app that highlights the risks behind each coin and protects investors from scams. Specifically, Clustr connects to a wallet and helps users build balanced portfolios using actionable insights.
- YAYA: Gives users one pass for access to 250+ kids’ centers in Almaty. Convenience and variety in one space.
- Optimyzee: With automating complex PPC algorithms, the startup offers effective, accessible advertising solutions to its users.
- Raised: Raised is an AI-powered talent marketplace that connects companies with a new category of freelancers – part-time tech leaders.
- KatalistAI, Inc.: Katalist empowers enterprise communication by turning messages into videos using generative AI.
- TouchPoints: TouchPoints boosts DTC sales by turning Instagram reels into shoppable video widgets for Shopify stores.
- Helio.AI: It is an intelligent recruiting software that helps companies automate hiring and find the best candidate faster, with a game.
- Trag: Trag is an AI platform which puts software maintenance on autopilot.
- Hakawaji: Hakawaji is a screen-free sensory assistant that helps teachers, therapists and parents to break down communication barriers using music, lights, and storytelling. Set the ambiance in your educational or therapeutic space with your voice.
500 Global has been running the program in the region since 2020. Starting in 2022, as part of a four-year-long partnership agreement between 500 Global, Georgia’s Innovation and Technology Agency and Bank of Georgia, the 500 Global in Eurasia team has and will continue to run an accelerator program in Tbilisi, Georgia twice a year. Tech startups that have direct or indirect operations in the following countries can apply: Albania, Armenia, Azerbaijan, Bosnia & Herzegovina, Bulgaria, Croatia, Czechia (the Czech Republic), Estonia, Georgia, Greece (the Hellenic Republic), Hungary, Kazakhstan, Kyrgyzstan (the Kyrgyz Republic), Latvia, Lithuania, North Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia (the Slovak Republic), Slovenia, Turkmenistan, Ukraine, Uzbekistan. For more information, please visit: https://500.co/accelerators/500-eurasia.
About 500 Global
500 Global is a multi-stage venture capital firm with US$2.4 billion in assets under management as of 31 December 2023 that invests in founders building fast-growing technology companies. We focus on markets where technology, innovation, and capital can unlock long-term value and drive economic growth. We work closely with key stakeholders and advise governments on how best to support entrepreneurial ecosystems so startups can thrive. 500 Global has backed over 5,000 founders representing more than 2,900 companies operating in 80+ countries. We have invested in 35+ companies valued at over US$1 billion and 160+ companies valued at over US$100 million (including private, public, and exited companies). Our team members are located in over 20 countries and bring experience as entrepreneurs, investors, and operators from some of the world’s leading technology companies.
AS OF 31 DEC 2023 AND INCLUDES PRIVATE, PUBLIC AND EXITED COMPANIES. FOR EXITED POSITIONS, VALUATION DATE IS DATE OF EXIT. THESE FIGURES ARE ESTIMATES, AGGREGATED ACROSS ALL PORTFOLIO COMPANIES HELD ACROSS ALL FUNDS ADVISED BY 500 STARTUPS MANAGEMENT COMPANY, LLC AND ITS AFFILIATES, AND ARE BASED ON INTERNAL DATA THAT HAS NOT BEEN EXTERNALLY VERIFIED AND RELIES ON PORTFOLIO INFORMATION SUPPLIED BY EXTERNAL SOURCES WHICH HAS NOT BEEN VERIFIED, MAY NOT BE ACCURATE OR UPDATED. THESE VALUATIONS ARE ESTIMATED IN ACCORDANCE WITH 500 GLOBAL’S VALUATION POLICY. SEE 500.CO/COMPANIES FOR A FULL LIST OF PORTFOLIO COMPANIES. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RETURNS.
ASSETS UNDER MANAGEMENT (“AUM”) STATED HEREIN ARE ROUNDED TO THE NEAREST $100M AND ARE CALCULATED IN ACCORDANCE WITH SEC FORM ADV PART 1A INSTRUCTION 5.B. TO INCLUDE THE CURRENT MARKET VALUE (OR FAIR VALUE) OF ALL PRIVATE FUND ASSETS AND THE CONTRACTUAL AMOUNT OF ANY UNCALLED COMMITMENTS TO SUCH PRIVATE FUNDS, TOGETHER WITH THE CURRENT MARKET VALUE OF ALL OTHER SECURITIES PORTFOLIOS FOR WHICH 500 STARTUPS MANAGEMENT COMPANY, L.L.C. OR ITS AFFILIATES PROVIDES ONGOING DISCRETIONARY INVESTMENT MANAGEMENT SERVICES, WITH MARKET VALUE DETERMINED USING THE SAME METHOD USED TO REPORT ACCOUNT VALUES TO CLIENTS OR TO CALCULATE FEES FOR INVESTMENT ADVISORY SERVICES. ASSETS UNDER MANAGEMENT MAY INCREASE OR DECREASE SIGNIFICANTLY OVER TIME.
THIS PRESS RELEASE IS INTENDED SOLELY TO PROVIDE INFORMATION REGARDING 500 GLOBAL. ALL CONTENT PROVIDED IN THIS PRESS RELEASE IS PROVIDED FOR GENERAL INFORMATIONAL OR EDUCATIONAL PURPOSES ONLY. 500 GLOBAL MAKES NO REPRESENTATIONS AS TO THE ACCURACY OR INFORMATION CONTAINED IN THIS PRESS RELEASE AND WHILE 500 GLOBAL HAS TAKEN REASONABLE STEPS TO ENSURE THAT THE INFORMATION CONTAINED IN THIS PRESS RELEASE IS ACCURATE AND UP-TO-DATE, NO LIABILITY CAN BE ACCEPTED FOR ANY ERROR OR OMISSIONS. FIGURES ARE AGGREGATED ACROSS ALL FUNDS ADVISED BY 500 GLOBAL (EXCLUDING SUB-ADVISORY SERVICES). ALL FIGURES ARE BASED ON INTERNAL ESTIMATES AS OF 30 JUNE 2023 (UNLESS OTHERWISE NOTED) AND HAVE NOT BEEN INDEPENDENTLY VERIFIED. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RETURNS.
UNDER NO CIRCUMSTANCES SHOULD ANY INFORMATION OR CONTENT IN THIS PRESS RELEASE, BE CONSIDERED AS AN OFFER TO SELL OR SOLICITATION OF INTEREST TO PURCHASE ANY SECURITIES ADVISED BY 500 GLOBAL OR ANY OF ITS AFFILIATES OR REPRESENTATIVES. FURTHER, NO CONTENT OR INFORMATION CONTAINED IN THIS PRESS RELEASE IS OR IS INTENDED AS AN OFFER TO PROVIDE ANY INVESTMENT ADVISORY SERVICE OR FINANCIAL ADVICE BY 500 GLOBAL. UNDER NO CIRCUMSTANCES SHOULD ANYTHING HEREIN BE CONSTRUED AS FUND MARKETING MATERIALS BY PROSPECTIVE INVESTORS CONSIDERING AN INVESTMENT INTO ANY 500 GLOBAL INVESTMENT FUND.
1Based on PitchBook’s 2023 Global League Tables: https://pitchbook.com/news/articles/global-league-tables-2023-annual
Contacts
Regional Contact
Nina Nikabadze
Marketing Coordinator at 500 Global in Eurasia
nina.nikabadze@500.co
Media Contact
JT Eger
Communications at 500 Global
press@500.co
