A new venture capital fund Open Circle Capital was established, by implementing financing instrument of Ministry of Economy of Lithuania Early Stage and Development Fund I.
“Investments made by this fund will extend cooperation between the science and businesses and give a further impetus to the creation and growth of innovative and high value-added companies in Lithuania” says Minister of Economy Mindaugas Sinkevičius.
Early Stage and Development Fund I is intended to promote the transfer of ideas generated in research and higher education institutions to business (commercialisation) and ensure greater availability of capital to micro, small and medium-sized enterprises developing products in high-technology sectors. During the implementation of the measure micro, small and medium-sized enterprises will be offered expert assistance in identifying innovative technology ideas having commercial potential, financing and implementation support.
The fund will invest the total of €20M in high-tech with high-growth potential SME’s. UAB Investicijų ir Verslo Garantijos (Invega) will invest €13.8M in the total of INVEGA funds, allocated for re-investing from previous ventures.
Futher information will be provided in the near future.