EUR 1 billion for the Lithuanian economy: EUR 20 million to grow innovative startups
The Ministry of the Economy and Innovation encourages innovative Lithuanian startups to take advantage of the EUR 20 million “Accelerator 2” venture capital instrument financed from the Innovation Promotion Fund.
“The investment under this instrument is particularly targeted at innovative startups that need funding for the start of their business and for product development. Since last year, we have already invested in 24 startups under this instrument, with investments amounting to around EUR 2.83 million,” says Aušrinė Armonaitė, Minister of the Economy and Innovation.
“Accelerator 2” promotes innovation activity through investment into promising micro and small business startups. Under this instrument, 15 startups in the Capital region alone have received EUR 1.68 million in investment since 2022.
“The investment under this instrument increases the quantity and variety of innovative products created by companies. This allows for better planning of innovation activity and also helps companies to raise more external capital and foreign investment,” says Iveta Paludnevičiūtė, Chancellor of the Ministry of the Economy and Innovation.
“Accelerator 2” activities include pre-acceleration and acceleration programmes and investments. 32 more startups are planned to be financed under this venture capital instrument.
Further information on the “Accelerator 2” venture capital instrument is available on the website of UAB “Investicijų ir verslo garantijos” (INVEGA).
Founded in 2020 at the initiative of the Ministry of the Economy and Innovation, the Ministry of Finance and INVEGA, the Innovation Promotion Fund is financed from the State budget and the Recovery and Resilience Facility.