Business Angels Fund invests €465K in four startups

The Lithuanian Business Angels Fund has invested €465K in three Lithuanian and one Norwegian startups. Other business angels were involved in these deals, but their names were not disclosed.

Business Angels Fund invested €200K in Trafipark. Based in Lithuania and registered in 2023, Trafipark has developed a parking debt collection solution. Initially, the company pursues amicable debt recovery. If this is unsuccessful, court proceedings are initiated to obtain a formal judgment for recovery. In cases where legal action does not lead to a resolution, the final stage involves bailiff enforcement under the supervision of a debt collection company. In addition, the startup handles receivables for parking fees or penalties imposed on drivers by foreign entities. CEO is Audrius Astrauskas.

The second startup isLucid has secured €15K from Business Angels Fund. Established in Vilnius in 2020 by Vytenis Pakenased and Karolina Audickienė, isLucid has designed a platform that converts spoken conversations into written text. Its modules include cloud transcription, on-device transcription, summarization, cloud search, tasks and tickets, and agenda. The solution streamlines meeting workflows by taking notes, assigning tasks, and generating meeting summaries. 

Norwegian Speiz raised €100K. Founded in Oslo in 2020 by Herman Hjort Rabsch and Paulius Kvedaras, Speiz is a platform that enables warehouse owners to match with tenants. The company uses 3D technologies for previewing interior properties and offers all-digital UX for signing agreements.

Business Angels Fund invested €150K in InBalance Grid. Founded in Vilnius in 2018 by Simonas Stankus, Aurimas Pauga, and Nerijus Siaulys, Inbalance Grid designs and manufactures electric vehicle (EV) chargers and manages them through cloud-based software and controllers integrated into its charging points. The company's chargers enable EV charging in office buildings, shopping centers, hotels, property developers, car park operators, etc. Inbalance Grid solves the problem of limited infrastructure by installing IoT-based power balancing solutions. 

Business Angel Fund (BAF) is a Lithuanian venture company. Its second fund invests with business angels in early-stage startups and small companies in Baltic countries and Poland, with a focus on Lithuania. The ticket size is €50K-€600K, and the same amount is provided by business angels. The size of the fund is more than €10M.

UPD: isLucid raises a further €385K from Lithuanian Coinvest Capital, founders of Lithuanian e-signing service Dokobit Gintas Balčiūnas and Paulius Podolskis, founder of Lithuanian mobile games studio Tutotoons Mantas Kavaliauskas, co-founder of US-based New North Ventures Jeremy Hitchcock, angel investor Saulius Kaukenas, and other investors. 

IsLucid will use the investment to expand into Scandinavian and other markets dominated by non-English speakers. It will also continue to develop a modular artificial intelligence platform for contact centers.