Venture capital startup Launchpad Capital is investing up to $35m in early-stage Lithuanian startups who are looking to break into the North American market.
The company is aiming to make five early-stage investments this year, with the funding ranging in size from $100,000 to $2m.
According to a report by Invest Lithuania, only 15% of Lithuania-based FinTech startups consider the US market as a feasible target, despite its stance as a market that has large addressable needs from companies globally.
Emphasising the vibrant FinTech start-up scene in Lithuania, Startup Lithuania head Roberta Rudokienė said, “There are already more than 1000 startups in our database. It is great to see the local ecosystem attract the attention of foreign VC firms. I am sure that this new firm will provide Lithuania’s startups not just with the capital required for growth, but also with their network, know-how and experience that is crucial for entering new markets.”
Rudokienė claims the local startup ecosystem in Lithuania has achieved ‘impressive momentum’ in recent years, highlighting a progressive central bank and a fintech-friendly regulatory landscape as key drivers.
In 2020, UK challenger bank Revolut launched a bank in Lithuania – a move the company earlier in the same year claimed was driven by the effects of Brexit and being able to perform its operations as usual. UK banking platform Curve also made a similar decision, setting up a subsidiary in Lithuania in an effort to ensure access to the EU after Brexit.
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