1 billion for the Lithuanian economy: €20 million for the growth of innovative start-ups
A moment of triumph from the Vilnius TechFusion Startup Awards 2022: Minister of the Economy and Innovation Aušrinė Armonaitė with Rytis Laurinavičius, Omnisend, – the “Startup of the Year” / L. Kazakevicius photo
Ministry of the Economy and Innovation encourages innovative Lithuanian start-ups to take advantage of the €20 million Accelerator 2 venture capital facility, financed by the Innovation Support Fund.
“The measure’s investments are particularly useful for innovative start-ups that need funding for business start-up and product development. Since last year, we have already invested in 24 start-ups under this facility, with investments amounting to approximately EUR 2.83 million,” said Aušrinė Armonaitė, Minister of the Economy and Innovation.
Accelerator 2 promotes innovation by investing in start-ups and future micro and small enterprises. Under the Facility, 15 start-ups in the Vilnius region alone have received investments of €1.68 million since 2022.
“The investments under the facility increase the quantity and variety of innovative products created by companies. This allows for better planning of innovative activities and also helps companies to attract more external capital and foreign investment,” says Iveta Paludnevičiūtė, Chancellor of the Ministry of the Economy and Innovation.
Accelerator 2 activities include pre-acceleration and acceleration programmes and investments. A further 32 start-ups are expected to be funded under this venture capital facility.
More information on the Accelerator 2 venture capital facility can be found on the website of UAB “Investicijų ir verslo garantijos” (INVEGA).
The Innovation Accelerator Fund was established in 2020 on the initiative of the Ministry of Economy and Innovation, the Ministry of Finance and INVEGA, and is financed from the state budget and the Recovery and Resilience Facility.
Vilnius TechFusion Startup Awards 2022 / L. Kazakevicius photo
Keep in mind – Vilnius is already preparing for one of the most important events of the year – the annual Vilnius TechFusion Startup Awards. At the event organized for the fifth year in a row, awards await both growing high-tech companies and heroes of businesses, talents and ecosystems that have already gained recognition in Lithuania and the world.
Vilnius TechFusion startup awards will be held on January 11, 2024, this year they are organized by Vilnius city tourism and business development agency Go Vilnius, Lithuanian startup association Unicorns Lithuania and Sunrise Tech Park.
