The European Commission announced a plan to provide €20 million ($21.4 million) in funding to Ukrainian start-ups, with an allocation of €60,000 per company.
“The European Commission has launched an ambitious €20 million action to support the Ukrainian innovation community,” the European Commission said in a statement.
“Through a targeted amendment of the 2022 European Innovation Council (EIC) work programme, the new initiative will support at least 200 Ukrainian deep tech start-ups with up to €60,000 each,” it added.
“In addition, the EIC will offer non-financial support, such as business advisory services and matchmaking,” the statement read.
The commission said: this will enhance the capacity of Ukrainian innovators to interact with the European innovation ecosystem, enter new markets and benefit from the European financing instruments.
Ursula von der Leyen, President of the European Commission, said: “While fighting Russian military aggression it is vital for Ukraine to look forward. The country has a vivid start-up scene and great potential for innovative businesses. It is very important to preserve this economic capacity and enable Ukrainian tech innovators to grow and integrate further into the European innovation ecosystem. We want them to expand their operations to the European markets and beyond.”
A call for proposals from start-ups eligible for the funding is set to open on June 23.
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