Groisman supported the idea of creating a “Fund of funds” for Ukrainian startups

Prime Minister of Ukraine Vladimir Groisman supported the proposal of the Ukrainian Association of venture capital and private equity (UVCA) to create a “Fund of funds” to support Ukrainian startups on public-private partnerships.

“The Prime Minister of Ukraine Volodymyr Groysman advocates the creation of a large Fund to support Ukrainian startups that can be financed by the State budget and by major international investors”, – stated in the message following the meeting of Prime Minister with the members of the Supervisory Board UVCA.

According to the report, the meeting participants noted that investors are interested to invest in several sectors of Ukraine, in particular the IT sector, cyber security, technology dual-use military technology.

Thus, the establishment of the Fund could contribute to the optimization of the search process and invitations to large investors.

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“The Prime Minister proposed to elaborate the concept of operation of the Fund and align its activities with the work of the Council of innovation, the adoption of which will take place in the near future”, – stated in the message.

Groisman added that the discussion and approval of this concept will allow the government to quickly process the possibility of state involvement in the formation of the budget of the Fund.

As reported, in the summer of 2016 representatives of investment and IT-markets turned to the President of Ukraine Petro Poroshenko for the support of government the idea of creating a “Fund of funds” for investment in existing and newly formed venture capital funds and IT-startups.

We will remind, last week the startup’s investors transferred $ 7.5 million to the wrong address.