Motieka & Audzevicius has assisted 70 Ventures, UAV, with the preparation of its investment funds using the Accelerator Fund of Lithuania's Ministry of Economy and Innovation.
According to the firm, "at the final stage M&A was responsible for obtaining a management company permit for 70 Ventures, UAB and [obtaining] approval of the incorporation documents of the 70 Ventures Accel and 70 Ventures Seed investment funds under Lithuania's Law on Collective Investment Undertakings Intended for Informed Investors." According to the firm, "our assignment covered the drafting of the licensing documents as well as coordination of the overall regulatory process with the Bank of Lithuania. The 70 Ventures investment funds are among the first to be approved by a regulator."
Also according to Motieka & Audzevicius, the Accelerator Fund is implemented via the Business Financing Fund — a fund of funds financed from the European Regional Development Fund, which is itself financed from EU funds under the Operational Programme for the EU Funds’ Investments in 2014–2020.
The firm claims that "it is expected that 70 Ventures pre-seed and seed funds will foster early-stage business and improve the Lithuanian ecosystem of the start-ups."