Funds from the Economy Ministry-owned credit guarantee agency INVEGA account for two-thirds of the fund's capital, with the rest of the money provided by private investors, Open Circle Capital said in a press release.
Audrius Milukas, the CEO and a partner at Open Circle Capital, says that the funds will be used to grow ICT, robotics and high-tech projects with global ambitions and to help them prepare for entering foreign markets.
According to him, the fund, which will operate for ten years, will invest in five to six new technology companies annually, with the maximum investment per company capped at 3 million euros.
