Lithuania will allocate €63M to launching new acceleration programs

Lithuanian Ministry of Economy and Innovation will allocate €63M to launch new acceleration programs. The Ministry also announced that after signing a contract with the US startup accelerator Plug & Play at the beginning of October, other international startup accelerators showed an interest in working in Lithuania.

In August 2023, it was said that Plug and Play will invest €5,9M in 45 Lithuanian startups during the next three years. The services of the US accelerator for Lithuania will be worth €9,4M. The US company will implement five acceleration cycles for 60 startups in Lithuania until March 2026. 

During the acceleration program, the startups will also receive additional financial support from venture funds. Currently, Lithuania is the only country in Central and Eastern Europe where Plug & Play runs its acceleration program.

According to Minister Aušrine Armonaitė, Lithuania plans to triple the number of startups in the coming years. She added that over the past few years, the value of Lithuanian startups has increased 17 times to almost €10 bln. She expects that the number of employees in Lithuanian startups can also increase drastically shortly.