Aneli Capital has launched a €35 million early-stage fund to back startups across the Baltics, Poland, and other Central and Eastern European countries, aiming to make 20 investments over its first five years while providing hands-on guidance and rapid decision-making support.
Aneli Capital plans to help solve these challenges by offering efficient, quick decision-making and founder-friendly terms in addition to capital.
“Many investors lean in when a sector becomes fashionable and step back once the hype fades. We don’t work that way. We are going to look beyond hype cycles and focus on companies that build real products, attract paying customers early, and prove their economics,” says Daiva Rakauskaitė, CFA, partner and fund manager. “Our goal is to be the partner that stays for the full journey, not just the exciting part at the beginning.”
Other Fund Partners include Nerijus Baliūnas, who leads business development and strategy; Jacek Blonski, who leads deep tech, networking, and negotiations; and Sabina Sinicienė – Fund’s Investment Director.
Aneli Capital members have long been active in the investment space. They manage Business Angel Fund II and co-founded Lithuanian Venture Capital Association as well as the Lithuanian Business Angel Network (LitBAN).
According to Rakauskaitė, who has been active in the investing field for over 30 years and holds a Chartered Financial Analyst designation, previous experience gives the team an upper hand in fields like regulatory technology, energy management, photonics, biotechnology, smart manufacturing, data analytics, and financial forecasting, as well as strong networking capabilities compared to some of its competitors.
Next year, Aneli Capital is planning to fund eight startups and exit several companies from previous funds.
In total, during the first five years, the fund is planning to make around 20 investments. The average investment will be roughly €1.5 million, typically distributed across several tranches.
According to Rakauskaitė, more than half of the €35 million will be invested in Lithuania, Aneli Capital’s home market, while the rest will support startups in Latvia, Estonia, Poland, and other CEE countries.
“No matter the country, we are looking for truly promising founders whose startups are already delivering measurable growth and results. Startups seeking funding often ask for capital before demonstrating real growth, but it should be the other way around: first showing traction, then attracting investment,” Rakauskaitė says.
BesidesICT, robotics, and energy, the fund sees the most untapped opportunities in photonics and smart manufacturing, and plans to focus on these segments.
This year, the main focus for venture capitalists is on AI companies. During the first half of 2025, investments in AI startups accounted for 34.5% of all deals in Europe, while in the US this figure was around 60%, PitchBook’s report shows.
A part of Aneli Capital’s fund will also be allocated to AI startups. However, Rakauskaitė says that the priority will be AI solutions that already work or are in testing mode and can show reliable results in practice.
Aneli Capital will manage the capital provided by the National Lithuanian Development Bank ILTE and a fund of a Warsaw-listed Polish company, Magna Polonia. The company’s fund is currently looking for new investors.
“We are excited to invest in Aneli Capital, as the fund has extensive experience in managing startups, and will soon be strengthened by highly qualified advisors. With this investment, we are aiming for two goals: to earn a solid return for our investors by investing in companies operating in progressive sectors, while at the same time supporting young tech companies from the CEE region,” says Miroslaw Janisiewicz, the chairman of the management board.
Meanwhile, Inga Beiliūnienė, Head of the International Relations and Partnerships Department at ILTE, stresses that capital to develop new technologies is especially important for small countries like Lithuania.
“ILTE has consistently supported innovation development and experimental activities in companies and teams, because this is exactly how solutions driving long-term economic progress are created. By investing in startups, we help develop new technologies while also strengthening the country’s competitiveness and resilience to future challenges,” Beiliūnienė says.
