Motieka & Audzevičius fintech team has acted as legal advisors of 70 Ventures in the establishment of two private equity funds – 70 Ventures Accel and 70 Ventures Seed. 70 Ventures was selected by INVEGA as the manager of the accelerator funds. The funds will 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 investments, the remaining part consists of the private investors’ funding.
Current our fintech team helps 70 Ventures to license the whole structure of the funds under the Law on Collective Investment Undertakings Intended for Informed Investors.
The two newly established accelerator funds will implement the financial instrument Accelerator Fund of the Ministry of Economy and Innovation. 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.