GITA revealed on Monday 20 winners had been singled out to be granted GEL 150,000 ($55,663) each, noting the projects had been identified by a committee staffed by high-level international venture investors.

SMART APP, Marlin, Forma healthy, FlexUp, Stori AI, Awork, Ordero, Colis, eConsul, Omoi, Upway, Ranko, CALEN AI platform, Lawformer, Better Energy Solution, Mens.ge, Proxymeta Labs, Medik, Carusell and SPOTs modular farm were named as the ultimate winners of the grant project.

The ideas of the startups include simplifying the cost of order management between suppliers and buyers and reducing their expenses, launching a B2B marketplace for streamlining cooperation between clinics and hospitals, starting the first Georgian employment application and more.

The Georgian Economy Minister Levan Davitashvili said the selection of the winners had been completed successfully under fair and competitive conditions. 

Levan Davitashvili also noted state-financed startups had attracted more than GEL 350 million ($129.88mln) foreign direct investments in the country.

The goal of the program is to develop innovative products and services with international potential, their commercialization and stimulation of the creation of innovative enterprises in Georgia. Co-financing grants are one of the most common financing instruments used to support innovation in both developed and developing economies.