A United Arab Emirates business incubator, venture fund FasterCapital based in Dubai, has announced the entering the Ukrainian market, promising up to $3 million in investment in Ukrainian startup companies.
It began on January 18th and ends on February 19th, 2016. Startups from Ukraine may apply to investments through the website. The fund is interested in the IT startups only. According to Sergey Andriychuk, the head of FasterCapital’s Ukrainian unit, the incubator is mostly interested in technology startups that develop software, online projects, and mobile applications, but other options are also possible.
“Those startups that are at the level of an idea will be able to attract from $5,000 to $500,000, depending on the concept. FasterCapital may offer from $300,000 to $3 million to startups that already have a ready-made product and possibly even income,” Andriychuk stated.
The chance to get funding depends specifically on each project and readiness of a team to conduct business at the proper level, said Sergey.
In addition to financial support, the incubator promises to help to assess ideas and conduct feasibility studies, market analyses, product development, and sales and marketing until a startup breaks even.
A special feature of the fund is that the investments can be allowed only for direct costs related to the technical development of the estimate, as well as marketing activities. FasterCapital is not ready to cover current operating expenses.
Recalling that Berlin venture capital fund closed the first round of fundraising in the amount of $ 45 million and expands its work. The main focus of the fund is SaaS- and PaaS-startups in Eastern Europe and, particularly, in Ukraine.