Glimstedt has advised Business Angels Fund I on launching Business Angels Fund II with UAB Investiciju Ir Verslo Garantijos.
The EUR 10.49 million Business Angels Fund II will be investing, together with Business Angels, in small and medium-sized innovative and export-oriented companies in Lithuania, Glimstedt reports.
The fund will assign up to EUR 0.6 million to each investment, with Business Angels expected to invest at least the same amount.
According to Glimstedt, Business Angels Fund I and Business Angels have invested over EUR 20 million in 29 enterprises. The firm reports that the managers of Business Angels Fund II "are going to invest funds provided under the European Regional Development Fund Programme (2014 - 2020) as well as their own personal funds. This measure will be implemented through the Business Financing Fund, an umbrella fund set up in April 2016. The Business Financing Fund is funded by the European Regional Development Fund and is managed by (Investiciju Ir Verslo Garantijos) Invega."
“Entrepreneurs will now be able to raise funds for their business development and benefit at the same time from experience imparted by Business Angels and Fund Managers, thus being helped to develop their business successfully”, said Kestutis Motiejanas, General Manager of Invega.
According to Glimstedt, the fund managers will focus their attention on advanced companies operating in different business sectors that are expanding their sales markets internationally. The fund management consists of Arvydas Strumskis, Daiva Rakauskaite, and Jacek Blonski. UAB Verslo Angelu Fondo Valdymas has been set up to manage Business Angels Fund II. The fund’s activities are supervised by the Bank of Lithuania.
The Glimstedt team consisted of Partners Andrius Ivanauskas and Arturas Baksys, Senior Associate Michailas Molis, and Associate Domantas Gudonis.