Invitation expired

Selection for the Fund Manager of the Risk Capital Financial Instrument “Accelerator 2”

Published2021-10-13

UAB Investicijų ir Verslo Garantijos (hereinafter referred to as INVEGA) hereby invites potential fund managers to express interest in the management of the new risk capital financial instrument “Accelerator 2”. Financial instrument “Accelerator 2” is financed from the Innovation Promotion Fund.

The new financial instrument “Accelerator 2” will be implemented by INVEGA which will select two fund managers, which will set up two risk capital funds (The Pre-seed Fund and The Seed Fund).

Submission of expressions of interest

The Call for Expression of Interest for “Accelerator 2” fund manager contains all information related to the application process. All documents and information specified in the Call for Expression of Interest must be submitted by the applicants to INVEGA in the manner provided for in the Call for Expression of Interest.

If you have any additional questions, please do not hesitate to submit them via e-mail to akceleravimas@invega.lt in accordance with the deadlines specified in the Call for Expression of Interest. Questions may be submitted in either the Lithuanian or English languages. The replies to questions will be published in the Lithuanian and English languages below.

Each Applicant will be notified of further actions planned and decisions taken by INVEGA.

Main deadlines related to the submission of Expressions of Interest

Deadline for Applicants to request clarifications from INVEGA regarding this Call for Expressions of Interest and the terms and conditions applicable to each fund: 12 November 2021 (inclusive).
Publication of any answers to relevant requests for clarification received within the above deadline: 26 November 2021 (inclusive).
Application deadline: 13 December 2021 (inclusive).
Invitation of the shortlisted applicant(s) to present, and answer questions on their business plans: by 21 March 2022.

The Call for Expression of Interest for “Accelerator 2” Fund Manager and Disclaimer

In case of any inconsistency between the English and Lithuanian versions of the Call for Expression of Interest for “Accelerator 2” Fund Managers, the English version will prevail.

The public discussion of the draft Call for Expression of Interest and Terms and Conditions for risk capital instrument “Accelerator 2” was announced 6 April 2021.

About financial instrument Accelerator 2

The new instrument is aimed at promoting experimental development and innovative activities in Lithuania by providing investments in emerging and viable high-tech very small and small companies in Lithuania. The instrument shall offer pre-acceleration program, acceleration programs and equity as well as quasi-equity investments in viable businesses.

This instrument will be implemented from the funds of the Innovation Promotion Fund financed from the State budget. It is expected that the “Accelerator 2” managers selected by INVEGA will attract additional funding from independent private investors.

The Innovation Promotion Fund was established by the Ministry of Economy and Innovation, Ministry of Finance and INVEGA on 30 December 2020.

Comments, questions and answers received during the public discussion.

The answers to the requests for clarification