Google has announced the creation of Google for Startups Ukraine Support Fund – a support fund for startups in Ukraine in the amount of $5 million for the allocation of cash grants during 2022.

Google will announce selected Ukrainian startups on a permanent basis, and they will receive up to $100,000 in no-share financing, as well as a mentoring support program from Google, product support and loans in Google Cloud, the company reported in its blog on Wednesday.

"This hands-on support is designed to help Ukrainian entrepreneurs maintain and grow their businesses, strengthen their community and to build a foundation for post-war economic recovery," the company said.

In addition, Google invites Ukrainian startups to use the space of the Google for Startups Campus in Warsaw as a temporary office.

"The first few startups — predominantly run by women who have fled the country — are already working from Campus, and we’ve witnessed their determination to succeed, " Google Senior Director for Startups Agnieszka Hryniewicz-Bieniek is quoted as saying.

According to the company, the support of Ukrainian startups will help them succeed and create technologies that Ukraine needs now. And also, when the region begins to recover, start-ups and technology companies will become key to the recovery of the Ukrainian economy, the creation of jobs and a positive impact on cities, their homes.

According to Google, out of about 2,000 startups in Ukraine, 126 startups have attracted venture funding since the beginning of 2021.