ILTE National Development Bank launches new venture fund

Lithuanian bank ILTE will launch a new venture fund Accelerator 3 to support local startups and is now looking for two managers for it. Among the objectives of the fund are to create, implement and disseminate advanced technologies and innovations through investments in micro, small and medium-sized enterprises. 

The Accelerator 3 fund created by the bank is financed from the European Union and the state budget. The volume of the fund is €18.6M. Among the objectives of the managers of the new fund is to attract additional private investment.

ILTE National Development Bank is a state-owned bank in Lithuania that, in addition to its core business, supports startups by investing in local companies through its numerous funds.

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Estonian DeepTech startup GaltTec receives €1M

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GaltTec  from Tartu, a DeepTech startup, has successfully raised €1M. The round was led by the Estonian venture fund 2C Ventures with the support of Estonian companies DefCAP, Bitsick and ModulEnergy. In addition, GaltTec received grants from the Estonian Business and Innovation Agency, the European Space Agency Business Incubation Center, the Estonian Ministry of Defense, the State Shared Service Centre, and the NATO DIANA accelerator programme.
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