“This new trial measure will encourage private investments into the ideas of young businesses with potential to help them reduce their initial risk and accelerate their successful growth. We invite business representatives to give us their comments and suggestions on how to implement this measure,” said Minister of Economics Evaldas Gustas.
According to Gustas, the new fund will receive €11 million in funds that have been returned or will be returned to the INVEGA fund, which is also run by the ministry. The new measure will be controlled by a newly formed daughter company owned by Investicijų ir Verslo Garantijos (INVEGA).
Together with private investors, the fund will invest into small business with retained earnings that were registered no more than 5 years ago. Private investors, which will be able to be venture capital funds or teams of no fewer than three angel investors, will be investment initiators who will be able to suggest potential company investments to the fund’s managers.