Lithuanian INVEGA established two funds with a total size €13,5M

Lithuanian state-owned company INVEGA established two funds ScaleWolf Accelerator and ScaleWolf VC with a total size of €13,5M. It will be managed by venture capital facility MILInvest. The funds also aim to raise additional investments from private investors.

The funds will invest in Lithuanian startups, developing defense and security technologies. The companies’ products must have export potential and have both military and civilian use. According to INVEGA, the funds will focus first of all on artificial intelligence and IT, lasers, optics, cybersecurity, virtual reality, teams with innovative ideas, and scientists. 

ScaleWolf Accelerator will work on the development of startups' business ideas, the formation of teams, the strengthening of their competencies, and making initial investments in startups.

ScaleWolf VC will invest in companies that have already created products or services and aim to improve their products and enter other markets.

MILInvest is funded by the state budget from the Defense Promotion Fund. INVEGA is a financial institution established by the state for providing financial services, for example investing in business projects that bring added value to the state. Part of the measures and activities implemented by INVEGA is implemented and financed using state budget funds.