Business Angels Fund

Business Angels Fund (BAF) is a prominent venture capital firm based in Vilnius, Lithuania, primarily focused on fostering the growth of early-stage companies and small and medium-sized enterprises (SMEs) across Lithuania and the broader Baltic region. The firm operates through distinct funds, notably Business Angels Fund I (BAF I) and Business Angels Fund II (BAF II), each established with significant backing from European financial instruments. Their core strategy revolves around co-investing alongside private business angels, leveraging the angels' expertise and networks while providing crucial institutional capital.

BAF I was launched with a capital commitment of €15 million, largely supported by the European Regional Development Fund (ERDF) under Lithuania's Economic Growth Operational Programme and the European Investment Fund (EIF). Following its success, Business Angels Fund II was established with a further €12.5 million, continuing the mandate to support innovative Lithuanian and Baltic startups. This structure underscores BAF's role in bridging the funding gap for nascent businesses, often in sectors with high growth potential, by combining public funding with private angel investment.

The typical investment range for Business Angels Fund is quite broad, reflecting its commitment to various stages within the early-stage ecosystem. The firm typically deploys first cheques ranging from as little as €50,000 up to €1.5 million per company. This flexibility allows BAF to participate in diverse rounds, from initial seed funding to more substantial early-stage growth rounds. Their involvement aims not just to provide capital but also to facilitate mentorship and strategic guidance through their network of co-investing angels, contributing significantly to the development of the Baltic startup ecosystem.