A new €35m venture fund, Aneli Capital, has been launched in Vilnius with a mandate to invest in early-stage startups across the Baltic states, Poland and other Central and Eastern European markets. The team behind the fund — a group of long-standing practitioners in the region’s investment community — plans to back around 20 companies over its first five years, with an emphasis on rapid decision-making and active support for founders.

The fund will concentrate on ICT, robotics, photonics, energy and space technologies, aiming to help startups reach the scale required to attract later-stage capital. Although the region’s tech scene has gained visibility in recent years, founders still report persistent hurdles in accessing early financing and expanding into international markets.

Daiva Rakauskaitė, partner and fund manager, said the firm intends to avoid trend-driven investing. “We are interested in teams that can demonstrate real commercial traction. Our intention is to be a long-term partner rather than step in only when a sector is fashionable,” she said.

The partnership also includes Nerijus Baliūnas, who oversees strategy and business development; Jacek Blonski, responsible for deep tech and deal structuring; and investment director Sabina Sinicienė. Collectively, the team has been active in regional venture networks for more than a decade and previously helped establish the Lithuanian Business Angel Network and related industry bodies.

Aneli Capital expects to invest roughly €1.5m per company across several tranches, with more than half of the capital earmarked for Lithuania and the remainder for neighbouring markets including Latvia, Estonia and Poland. The fund managers say they see strongest potential in photonics and smart manufacturing alongside established software and automation opportunities.

While AI continues to dominate European dealflow — accounting for more than a third of all investments in the first half of 2025, according to PitchBook — the fund says it will only target AI ventures with tested, verifiable products rather than those at conceptual stage.

Funding for Aneli Capital has been provided by the National Lithuanian Development Bank, ILTE, and a Warsaw-listed Polish investment group, Magna Polonia, which is also seeking additional limited partners. Magna Polonia’s chair, Miroslaw Janisiewicz, said the fund offered exposure to “progressive sectors” while supporting the region’s early-stage ecosystem.

ILTE’s head of international partnerships, Inga Beiliūnienė, said investment in advanced technologies is particularly important for smaller economies. “Backing early innovation strengthens competitiveness and resilience over the long term,” she said.