The Ministry of Economy announced 4 tenders to manage 58,8M EUR venture capital funds financed by the state and European Regional Development Fund. It is expected that private fund managers would raise a similar amount of money for these funds.

These four funds will be launched implementing new venture capital financial instruments of the Ministry of Economy („Ankstyvosios stadijos ir plėtros fondas II, finansuojamas iš Europos regioninės plėtros fondo“, „Bendrai su verslo angelais investuojantis fondas, finansuojamas iš Europos regioninės plėtros fondo“, „Plėtros fondas I, finansuojamas iš Europos regioninės plėtros fondo“ and „Plėtros fondas II, finansuojamas iš Europos regioninės plėtros fondo“), Verslo žinios, the main Lithuanian business daily, reports.

The funds will be able to invest up to 100 per cent of private capital into EU-based companies, representing an improvement of rules announced last year.

Tenders are open until March 22, 2017. More information can be found here.