The selected fund managers and the funds they set up will receive €60 million in public funding. Depending on their investment strategy, the funds will be able to invest in both promising start-ups and expanding companies with high growth potential.
“We want to raise the level of entrepreneurship in the country, address the lack of alternative financing and at the same time contribute to improving the environment for venture capital investment. The selected fund managers will raise an additional €60-90 million of private investors' funds, which will bring even more investment to businesses. We hope that the activities of these funds and their co-investments will contribute to the emergence of new unicorns in Lithuania,” said Aušrinė Armonaitė, Minister of the Economy and Innovation.
“We want to create better conditions for businesses to grow, expand and create new jobs. We plan to select and invest in at least 3 venture capital funds, with a particular focus on the idea of sustainability and investments in the creation and development of sustainable products and services”, says Karolis Žemaitis, Deputy Minister of the Economy and Innovation.
The financial instrument “Development Funds III” aims to promote venture capital investments in micro, small and medium-sized enterprises and small mid-caps in Lithuania, to contribute to the European Green Deal by promoting sustainable investments, to ensure a balanced supply of venture investments and to contribute to the development of the Lithuanian venture capital ecosystem.
The plan is to invest in at least three venture capital funds, allocating €4 million to €20 million of state funding per fund.
The Ministry of the Economy and Innovation has contributed €60 million to the instrument from the funds returned/returning to the INVEGA Fund.
The conditions for the selection of fund managers are available on the INVEGA website.
