Genesis Investments to invest $100k in startups from Ukraine and Belarus entering Y Combinator
Ukrainian VC firm Genesis Investment will invest $100,000 in each of the startups from Ukraine and Belarus that will enter Y Combinator. This was reported to AIN.UA by representatives of Genesis Investment.
To apply to Genesis Investments, startups need to contact the firm immediately after confirmation from Y Combinator. To make a deal, a startup needs to confirm that it has been selected for the acceleration program by sending a correspondence history or a signed SAFE agreement.
What is SAFE
Genesis Investment will invest under a SAFE (Simple Agreement for Future Equity) agreement on the same terms as those offered by YC.
SAFE is a contractual form of investment by Y Combinator, under which the fund invests money in a company and receives shares of that company later.
Why Genesis Investments chooses YC startups
Y Combinator is an American seed money startup accelerator that selects 100 to 200 startups twice a year, invests $125,000 in each, and works intensively with them for three months. In return for acceleration, YC gets a 7% stake in the company.
Since 2005 YC has invested in 3,000+ startups. Among them, only two are Ukrainian, and one has Belarusian roots. Genesis Investments will invest in new startups with founders from these countries no matter where they are now.
“Ukrainian and Belarusian startups have a weak presence in the world’s top accelerator. Applying is a step towards a big challenge. We want to motivate the founders to take this step, support them and help them focus on the product rather than fundraising,” comments Vitaliy Laptenok, Managing Partner of Genesis Investments.