Investment and Business Guarantees, Ltd (Invega) and Startup Wise Guys, one of the most experienced startup accelerators in Europe, signed agreements launching two venture capital funds in Lithuania.
Wise Guys Pre-Seed Fund I is expected to teach newly born companies and impart business development knowledge to them and later to invest in them, whereas Wise Guys Seed Fund I is going to co-invest in young companies at their seed stage. These two newly launched funds will participate in the implementation of the financial measure “Acceleration Fund” established by the Ministry of the Economy and Innovation.
Wise Guys Pre-Seed Fund I, which has a size of EUR 4.8 million, will implement acceleration programmes and will invest in companies that set up their business in Lithuania. At a later stage of investment, it will be possible for such companies to expand their business to other countries of the European Union provided however that benefit from each subsequent investment still goes to Lithuania.
Wise Guys Seed Fund I is expected to have a size of EUR 2.9 million, of which EUR 2.02 million will be public sector funds, and the remaining amount will be the funds dedicated by the team of Startup Wise Guys and by private investors.
GLIMSTEDT Law Firm, represented by Partner Andrius Ivanauskas, Senior Associate Michailas Molis and Senior Tax Advisor Edvard Gasperskij, was acting as legal advisor throughout the entire funds formation process.