Ex-head of Startup Lithuania Roberta Rudokiene became the new CEO of LitBAN

Ex-head of Vilnius-based governmental initiative Startup Lithuania Roberta Rudokiene became the new CEO of Lithuanian Business Angel Network (LitBAN). The current Managing Director of LitBAN Justinas Pasys, who will delegate his job to Roberta Rudokiene at the end of November, will work on the syndicate of business angels NGL, which he founded in December 2022. He will also continue facilitating syndicated investments, angel schools, and forming startup advisory boards.

Roberta Rudokiene has been heading Startup Lithuania for six years. She noted that during this time, the number of startups in Lithuania has grown from 350 to 1K, and three #Unicorns have been born. R.Rudokiene also contributed to bringing the international accelerator Plug and Play to Lithuania and organizing a startup ecosystem event Startup Fair. Soon, Startup Lithuania will announce the competition for this position.

Startup Lithuania was founded in 2012 in Vilnius as a governmental initiative. The organization operates under the Ministry of the Economy and Innovation as a part of Enterprise Lithuania. 

Founded in 2017, Vilnius-based LitBAN (Lithuanian Business Angel Network) is a syndicate of 38 business angels. LitBAN focuses on early-stage venture investment in the Baltics. The ex-CEO of LitBAN, Justinas Pasys has been working in LitBAN for three years and a half. During this time, the syndicate has grown from 40 to 340 angels. The amount of the yearly investment also has increased from €1.8M to €14.5M.

More

Tallinn-based provider of subscription service for variety of business ventures Fairown raises €5.7M

Image
Tallinn-based provider of subscription service for variety of business ventures Fairown has raised €5.7M in a seed extension round. The funding round was led by Munich-based VC BonVenture, with support from existing investors Neosfer (the early-stage investor and innovation unit of German Commerzbank Group), STIHL Ventures (the corporate venture arm of STIHL), and Austria’s Gateway Ventures. Founded in 2018 in Tallinn by Hendrik Roosna and Taivo Turnpu, Fairown provides a solution that allows banks, brands, and retailers to offer their products through a subscription-based model, with a pay-later approach. This system helps companies transition to a product-as-a-service model, allowing customers to access products regularly without having to purchase them outright. Additionally, Fairown facilitates the management of product renewal cycles by encouraging customers to return used products to the seller instead of sending them to landfills or reselling them. For instance, customers who wa
Read more »

Lithuanian AI-powered digital math tutor Alfa Space raises €315K

Image
Lithuanian AI-powered digital math tutor Alfa Space has raised €315K from Lithuanian business angels. Founded in 2024 by Paulius Serva, Vilius Jastremskas, Tomas Sipko, and Emilija Platukite, Alfa Space is developing a personalized math tutoring platform based on artificial intelligence.  Alfa Space helps to coordinate the math learning process and answers students' questions. The virtual assistant also explains the rules and presents the solution to the task or the desired topic, including the topic of the VBE (standardized math exam for high school students in Lithuania). The platform contains motivational content, videos, theoretical presentations, and others. It can assess the child's skills, identify gaps, and shape the learning process. In addition, the platform provides recommendations for the development of specific skills. The Alfa Space platform can also be used by teachers for free lesson preparation, homework, test writing, and other functions. According to the co
Read more »