The European Investment Fund (EIF) has injected €6m into Practica Seed Capital Fund, a seed capital fund focusing on new idea development opportunities in Lithuania.
The fund aims to develop new businesses by financing and incubating the prospective ideas and help them to develop at the pre-seed and seed stages.
A business accelerator – called “Startup.lt” – will provide business advice, office space, networks and other services including bookkeeping, legal and intellectual property advice to support the founding process of new companies throughout their early life cycle from their launch to incorporation.
In addition, a Practica Venture Capital Fund has been established with a targeted size of €15.7m, which will provide follow-on investments for the ideas developed under the Seed Fund and invest into existing high-growth companies.
EIF is investing €11 m from the JEREMIE Holding Fund.
Both funds will be managed by the newly established Practica Capital team.