Latvia to become first to choose administrators of Acceleration Funds
The procurement on selection of acceleration funds administrators by Development Finance Institution ALTUM has concluded. The procurement commission has selected three entities to conclude contracts on the administration of these funds:
- BuildIt Accelerator OU;
- Partnership of legal entities and natural persons: SIA “Lattelecom Technology”, Pēteris Marculāns, Dmitrijs Saikovskis and David Ventzel;
- Partnership of natural persons: Nikolajs Adamovičs, Lelde Stukle, Voldemārs Brēdiķis and Ella Kalniņa.
Acceleration funds administrators will invest in innovative and early development stage start-ups of high growth potential, and their funding will be provided over two stages – in the form of pre-seed and seed money. Funds administrators will provide mentors and relevant advisory services. Each administrator will be granted funding of European Regional Development Fund (ERDF) amounting to a total of 15 million Euro, i.e. each fund will be assigned 5 million Euro by ALTUM.