UAB Investicijų ir Verslo Garantijos (Invega) and the team of LitCapital have signed an agreement on the establishment of a new venture capital fund, LcX Opportunity Fund. The newly-organised venture capital fund will implement the instrument Development Fund II of the Ministry of Economy intended to fund business development.
The estimated size of the Fund is EUR 25 million, of which public sector funds in the amount of EUR 16.18 million will come from Invega, and the remaining part will include the money of the LitCapital team and other private investors.
‘The purpose of this financial instrument is to boost the funding supply for micro-, small and medium-sized enterprises, and reduce the current shortage of alternative funding in the market. Companies will be able to obtain funds required for development, and gain knowledge and necessary contacts from investors, i.e. all that which help them in their growth’, says Kęstutis Motiejūnas, Chief Executive Officer of Invega.
Development Fund II is implemented through the fund of funds Business Financing Fund that is financed from the European Regional Development Fund. The manager of the fund of funds is Invega and its founders include the Ministry of Economy and Innovation, the Ministry of Finance and Invega. The Business Finance Fund is financed from the EU funds under the Operational Programme for the EU Funds’ Investments in 2014–2020 in Lithuania.
Invega implements and manages various financial instruments designed to promote business funding which are financed from the EU funds, the national budget or finances that have already been used once and returned to the national or other funds. For more information go to http://invega.lt.