Glimstedt has advised Investment and Business Guarantees, Ltd (Invega) and Startup Wise Guys, which the firm describes as "one of the most experienced startup accelerators in Europe," on the launch of two venture capital funds in Lithuania.
According to Glimstedt, "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 [Lithuanian] Ministry of the Economy and Innovation."
The firm reports that "Wise Guys Pre-Seed Fund I, which has a size of EUR 4.8 million, will implement acceleration programs 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."
According to Glimstedt, "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."
The Glimstedt team was led by Partner Andrius Ivanauskas, Senior Associate Michailas Molis, and Senior Tax Advisor Edvard Gasperskij.