Startup Central Eurasia News Digest

25 March, 2022

We are ready to share the weekly digest of news about the Central Eurasian Startup Ecosystem. The Startup Central Eurasia Platform also seeks stability and sustainability in our region, so we are continuing a preparation for the Georgia Summit, which we plan to hold in April. 


1) Survey of Ukrainian startups: 24% continue to work, 46% work partially/remotely, 28% do not work at all

March 16, 2022.

The Ukrainian Startup Foundation conducted an online ecosystem study, which was attended by about 150 founders of Ukrainian startups.

The results of the study showed that the majority of startups (71%) remained in Ukraine, 28% - partially abroad, and only 1% - completely left the country. The vast majority of startups surveyed (99% of respondents) noted that they need financial support. 37.4% of startups need to relocate a project and a team on a temporary or permanent basis.

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2) Cryptocurrency market legalized in Ukraine

March 16, 2022

President of Ukraine Volodymyr Zelensky signed the law "On virtual assets", which brings the crypto sector out of the shadows in the country. Among the changes that will come with the new law in Ukraine:

— foreign and Ukrainian crypto-exchanges will work legally;

— banks will open accounts for crypto companies;

— Ukrainians will be able to protect their investments in virtual assets;

— the state will guarantee judicial protection of rights to virtual assets.

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3) American startup with Russian roots Buyk went bankrupt and will close the business

March 18, 2022. INTERFAX.RU

Buyk Corp, an American express delivery service for groceries, has filed for bankruptcy and announced the termination of operations. The reason is the difficulties in attracting financing against the backdrop of a situation where the movement of capital from Russia is limited.

The startup was founded last year in Russia: it was the Samokat food delivery service, in which Sber owns a stake. The businessmen applied to the court with a request to initiate bankruptcy proceedings "due to the inability of investors to continue to finance current operations," the documents sent to the court say.

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4) How startups from Kazakhstan created a location rental service

March 19, 2022. Forbes kz

In 2021, two entrepreneurs launched, an online service that helps owners rent co-working spaces, conference and fitness rooms, photo studios, and bars. Already three months after the launch, they were able to attract $100,000 in investments with a company valuation of $500,000. The company's founders set themselves the goal of entering the markets of London and Dubai.

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Site of the project: 

5) From an idea to a successful startup: Startup Marathon is launched in Belarus

March 24, 2022. Belta

The Startup Marathon is three stages of startup development that will take place throughout 2022: educational (PRE-SEED), acceleration (SEED) and demo day (ALPHA version). In the future, startups will be able to continue developing with corporate clients of Belagroprombank. Both novice owners of startup ideas and existing startups in Belarus can take part in the program.

Registration is open until April 17, 2022.

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6) Where to raise money for entrepreneurs and relocated companies in Armenia: list of companies

March 23, 2023. Polina Laakso on the portal

Analysts have compiled a selection of projects, educational programs, investment funds, accelerators and incubators that will help entrepreneurs and relocated companies attract investments in Armenia. Here is a shortlist of companies and projects: Armenia Startup Academy, Impact Hub Yerevan, Armenia Financed, Granatus Ventures, EPIC Startup Incubator, ImpactAim Venture Accelerator.  

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7) MTS Startup Hub is looking for technology solutions for investment and commercial cooperation

March 24, 2022. MTS

MTS Startup Hub considers projects at the MVP stage and above that meet the needs of MTS business verticals and have proven real sales. Project teams will have access to the MTS infrastructure and industry support from the company's experts, and will also be able to use the special features of MTS resources – CloudMTS cloud services and targeted advertising from MTS Marketer.

Project search areas: Fintech, Mediatech, Retail, Marketing, Entertainment & MTS Arena, Smart Home, B2C products and services.

Application Deadline: April 4

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