- So far, Ignitis Innovation Fund has invested 8.4 million euros in start-ups.
- Currently, the total growth in net asset value amounts to EUR 19 million, more than double the amount invested.
- It is believed that the balanced investment portfolio may contain unicorns.
The Ignitis innovation fund managed by Contrarian Ventures has invested around 8.4 million euros so far and has already achieved growth in net asset value of 18.9 million euros. Strong start-up portfolio is expected to contain more than one unicorn
This year, Ignitis Innovation Fund continued to actively contribute to the growth of new energy start-ups that create long-term value. In 2021, the fund invested in 8 start-ups in Lithuania, Israel, Sweden, France, Switzerland and United Kingdom on 10 accounts with a total value of 3.8 million euros, thus strengthening and encouraging the development of the innovation ecosystem. Another start-up in the portfolio, LastMile, was successfully sold in July after its market value increased.
“Ignitis Innovation Fund not only gives us access to the most important news from the ecosystem of innovation start-ups from around the world and provides insight into the latest energy technologies, but also increases the value of our investment. has a strong investment portfolio, which has the potential to contain more than one unicorn – this is illustrated by the growth in the value of the portfolio, which has more than doubled compared to current investments ”, said Darius Maikštėnas , CEO of Ignitis Group.
“This year, we have already invested in eight unique companies that offer solutions that contribute to the energy transition and stimulate the decarbonization of the sector. We are also delighted with our investment of 750,000 euros in Lithuanian start-up PVcase, which develops software for solar power plants. In 2018, we have already invested in this start-up for a total of 1.25 million euros. The company is growing rapidly and is expected to achieve “unicorn” status in the next few years and create more than 100 jobs in Lithuania. Said Rokas Pečiulaitis, partner at Contrarian Ventures.
Ignitis Innovation Fund, managed by Contrarian Ventures, also reinvested this year in a Zoomo (formerly Bolt Bikes) e-bike platform. In the fall of 2021, this start-up attracted $ 60 million in investments, which will be used to work towards Zoomo’s goal of improving access to electric bicycles in the largest cities in Europe and Europe. North America. Since 2019, the fund has allocated more than 1 million euros to support the start-up.
For Mr. Pečiulaitis, Eliq, a Swedish start-up developing software solutions for the energy sector, is the culmination of the first investments made by the fund. The fund has invested around EUR 500,000 in total in Eliq and the company announced this year the opening of a product development office in Vilnius.
Created in 2017, Ignitis Innovation Fund, managed by Contrarian Ventures, has already invested around 8.4 million euros in 18 companies in eight countries. The companies are developing new technologies in the fields of energy and electric mobility which could be applied to the activities of the Ignitis group. The fund has invested in start-ups with 75 other co-investors, including well-known international companies such as automaker Hyundai, energy giant Shell and Breakthrough Energy Ventures created by Bill Gates.