Lithuania approved the establishment of the third Baltic Innovation Fund
Lithuania has decided to participate in the third Baltic Innovation Fund (BIF3) – a joint initiative of Lithuania, Latvia, Estonia, and the European Investment Fund (EIF) aimed at fostering company growth and innovation in the Baltic States through venture capital investments. By joining this initiative, the Ministry of the Economy and Innovation (MoE) is contributing €50 million – twice as much as in previous years.
“This measure will open the door for our companies to access larger capital flows – creating more opportunities to expand production, develop new products, invest in technologies, and attract talent. BIF3 investments can significantly strengthen our innovation ecosystem, boost job creation, and help Lithuanian businesses compete more confidently on the international stage,” said Lukas Savickas, Acting Minister of the Economy and Innovation.
The Baltic States, together with EIF, are currently finalizing the BIF3 establishment agreement. The fund is expected to reach a total size of €150 million. EIF is also planning to contribute up to €75 million in co-investments. Together with additional private capital, the total amount of investments into regional companies is expected to exceed €950 million.
Investments will target Baltic-based companies with strong growth potential – micro, small, and medium-sized enterprises, as well as mid-cap companies (up to 3,000 employees). It is expected that investments into Lithuanian companies will be at least double the state’s contribution – no less than €100 million.
Previous funds of this type have already demonstrated tangible benefits. Lithuania’s contribution to the first BIF was €26 million, which generated more than €141 million of investments in Lithuania. The contribution to BIF2 was also €26 million, and so far nearly €95 million has already been invested in Lithuanian companies – a figure that will continue to grow.
.png)