investment funds

Successfully finalised completion of the overall structure of the investment funds established by 70 Ventures

Motieka & Audzevičius team has successfully finalised completion of the overall structure of the investment funds established by 70 Ventures, UAB using the financial instrument Accelerator Fund of the Ministry of Economy and Innovation.

On the final stage M&A has been responsible for obtaining a management company permit for 70 Ventures, UAB and approvals of the incorporation documents of two investment funds 70 Ventures Accel and 70 Ventures Seed under the Law on Collective Investment Undertakings Intended for Informed Investors. Our assignment covered the drafting of the licensing documents as well as coordination of the overall regulatory process with the Bank of Lithuania. 70 Ventures investment funds are one of the first to be approved by a regulator.

Earlier this year our team has acted as a legal advisor of 70 Ventures, UAB in the establishment of two private equity funds, 70 Ventures Accel and 70 Ventures Seed. 70 Ventures, UAB was selected by INVEGA as the manager of the accelerator funds. These investment funds provide training and investment for innovative start-ups. The pre-seed fund 70 Ventures Accel constitutes EUR 4.8 million of public sector funds, whereas the estimated size of the seed fund 70 Ventures Seed is EUR 3.2 million, 2/3 of which is public sector.

The Accelerator Fund is implemented via the fund of funds Business Financing Fund financed from the European Regional Development Fund which is financed from the EU funds under the Operational Programme for the EU Funds’ Investments in 2014–2020.

It is expected that 70 Ventures pre-seed and seed funds will foster early-stage business and improve the Lithuanian ecosystem of the start-ups.

Experience