Co-founders of Business Angels Fund I and UAB INVESTICIJŲ IR VERSLO GARANTIJOS (“INVEGA”) have launched Business Angels Fund II. The Fund, which has the size of EUR 10.49 million, will be investing together with Business Angels in small and medium-sized innovative and export-oriented companies in Lithuania. The Fund will allot up to EUR 0.6 million to each investment and at least the same amount is expected to be invested by Business Angels.
“This investment fund has been launched to increase the supply of funding for micro-, small and medium-sized enterprises and to make alternative business funding more intense. Entrepreneurs will now be able to raise funds for their business development and to benefit at the same time from experience imparted by Business Angels and Fund Managers, thus being helped to develop their business successfully”, says Mr Kęstutis Motiejūnas, General Manager of INVEGA.
“Management of Business Angels Fund I has allowed us to gain valuable experience in different sectors of industry ranging from conventional manufacturing and consumer goods to knowledge-intensive and investment-needy IT, biotech, laser and other hi-tech industries. It is also very important to create an angel investment ecosystem in Lithuania acting concertedly with the Lithuanian Business Angels Network (“LitBAN”). We are planning to expand the Fund’s cross-border investment activities, especially to cooperate with our Polish partner”, says Mr Arvydas Strumskis.
The Fund Managers will focus their attention on advanced companies that are operating in different business sectors and are expanding their sales markets internationally.
The Fund Management consists of Mr Arvydas Strumskis, Ms Daiva Rakauskaitė and Mr Jacek Blonski. UAB VERSLO ANGELŲ FONDO VALDYMAS has been set up to manage Business Angels Fund II. The Fund’s activities are supervised by the Bank of Lithuania. GLIMSTEDT Law Firm, represented by Partners Andrius Ivanauskas and Artūras Bakšys, Senior Associate Michailas Molis and Associate Domantas Gudonis, has been acting as its founding legal advisor.
Business Angels Fund I together with Business Angels has invested over EUR 20 million in 29 enterprises.
As regards Business Angels Fund II, its Managers are going to invest funds provided under the European Regional Development Fund Programme (2014 - 2020) as well as their own personal funds. This measure will be implemented through the Business Financing Fund, an umbrella fund set up in April 2016. The Business Financing Fund is funded by the European Regional Development Fund and is managed by INVEGA.