Aneli Capital Launches €35 Million Fund for Baltic and CEE Startups

Aneli Capital, investing in visionary startups to revolutionize industries and drive transformative change, led by Daiva Rakauskaitė, Jacek Blonski, Nerijus Baliunas, Sabina Siniciene, and others, has announced €35 million fund to support early-stage startups in the Baltics, Poland, and other Central and Eastern European (CEE) countries, that will primarily focus on Information and Communication Technology (ICT) as well as robotics, space, photonics, and energy startups, to help them grow and become ready for follow-on investors.

CEE startups are gaining visibility internationally but still face funding gaps and scaling challenges. Aneli Capital aims to address this with fast, founder-friendly funding and support.

“Many investors chase trends and retreat when hype fades. Aneli Capital takes a different approach: backing companies that build real products, gain early paying customers, and demonstrate solid economics,” says Daiva Rakauskaitė, partner and fund manager. “The aim is to support founders through the entire journey, not just the exciting start.”

Aneli Capital’s team brings decades of investing experience, having managed Business Angel Fund II and co-founded both the Lithuanian Venture Capital Association and the Lithuanian Business Angel Network (LitBAN). With over 30 years in the field and a CFA designation, Daiva Rakauskaitė highlights the team’s expertise in sectors including regulatory technology, energy management, photonics, biotechnology, smart manufacturing, data analytics, and financial forecasting, alongside strong regional networks.

In the next year, Aneli Capital plans to fund eight startups and exit several from prior funds. Over its first five years, the fund aims to make around 20 investments, averaging €1.5 million per company, typically deployed in multiple tranches. More than half of the €35 million fund will target Lithuania, with the remainder supporting startups across Latvia, Estonia, Poland, and other CEE countries.

Aneli Capital prioritizes founders whose startups are already delivering measurable traction, emphasizing proven growth before capital deployment. Beyond ICT, robotics, and energy, the fund sees high potential in photonics and smart manufacturing.

While AI dominates European VC activity, accounting for 34.5% of deals in H1 2025, versus 60% in the US, Aneli Capital will selectively invest in AI startups that demonstrate practical results or are in testing phases.

The fund manages capital from the National Lithuanian Development Bank ILTE and a Warsaw-listed Polish company, Magna Polonia, and is actively seeking additional investors.

Miroslaw Janisiewicz, chairman of the management board, highlighted that investing in Aneli Capital aims both to generate strong returns and support emerging tech companies across CEE.

Inga Beiliūnienė of ILTE emphasized that funding new technologies is vital for smaller countries like Lithuania, as startup investments foster innovation, strengthen competitiveness, and build resilience for future challenges.