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1 billion for the Lithuanian economy: €20 million for the growth of innovative start-ups

Date

2023 12 05

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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 capital 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.