What are the benefits?
Development Fund I is intended to provide capital for the development of the diversified portfolio of micro, small and medium-sized enterprises seeking to enter new markets or sectors or create new products and otherwise implement development plans.
What companies are eligible?
Micro, small and medium-sized enterprises.
What is the maximum amount?
Development Fund I is funded by the European Regional Development Fund (ERDF). After the first investment fund increase of 22 million. State funding – 15 million. The founders of the fund, Practica Capital, together with all local and foreign investors’ divisions, have a capital of 7 million.
How does it work?
Currently, the selection of the Measure (Fund) Manager is being held. Enterprises will be able to receive funding after the Measure (Fund) Manager has been selected and a contract has been signed with the Manager, and the required amount of private funds has been attracted to the Fund being established. The companies are funded through the newly established venture capital fund Practica Venture Capital II. The main focus of this fund is early-stage venture capital investments in the Baltic States (Lithuania, Latvia, Estonia) and Baltic-related businesses in Europe.
Further information on the venture capital fund is available on the website: https://practica.vc/