Aneli Capital is an early-stage venture capital firm based in Lithuania, focused on accelerating technology startups across the Baltics and Central and Eastern Europe. The firm was launched to address persistent funding gaps in the region, particularly for technically strong founders building scalable companies outside Western Europe’s main venture hubs. Aneli Capital positions itself as a long-term, founder-aligned partner with a strong regional mandate.
Aneli Capital invests in early-stage technology companies across Lithuania, Latvia, Estonia, Poland, and the broader CEE region. The firm focuses on startups building in information and communication technology, robotics, photonics, space-related technologies, energy, smart manufacturing, and applied artificial intelligence. It prioritizes companies that show early traction, validated performance, or real-world testing rather than concept-stage projects.
Aneli Capital has launched its debut early-stage fund with €35 million in committed capital. The fund is structured to support startup growth across the Baltics and CEE, with more than half of the capital allocated to Lithuanian companies and the remainder deployed across neighboring regional markets. Over its first five years, the fund plans to make approximately 20 investments, with average initial checks of around €1.5 million deployed in multiple tranches.
The fund is backed by institutional and strategic investors, including the National Lithuanian Development Bank ILTE and Magna Polonia, a Warsaw-listed investment company.
Aneli Capital intends to move quickly, deploy capital early, and reserve meaningful follow-on capacity for companies demonstrating traction and scalable economics. In its first year, the fund expects to invest in up to eight startups while also managing exits from prior portfolios linked to the team’s earlier funds.
Leadership
Aneli Capital is led by a team with more than 15 years of experience in venture financing and ecosystem development. The partnership includes Daiva Rakauskaitė, Nerijus Baliūnas, Jacek Blonski, and Investment Director Sabina Sinicienė. Team members previously managed Business Angel Fund II and played key roles in establishing the Lithuanian Venture Capital Association and the Lithuanian Business Angel Network.
Investment Strategy
The firm follows a disciplined early-stage strategy centered on founder-friendly terms and fast decision-making. Aneli Capital invests once companies demonstrate early growth, paying customers, or validated commercial use cases. The team emphasizes operational support, preparation for follow-on capital, and sustained involvement beyond the initial investment, with the goal of backing founders through multiple stages of company development.
Notable Investments
As a newly launched fund, Aneli Capital has not yet publicly disclosed individual portfolio companies from the current vehicle.
Notable Exits
The team expects to complete exits from companies backed through earlier funds, though specific exits have not yet been publicly detailed in connection with the new fund.
Other
Founders should know that Aneli Capital places strong emphasis on traction and measurable progress before investment. The firm is particularly well suited for CEE-based founders building deep technical products who need a regional partner with institutional backing, fast execution, and experience navigating undercapitalized markets.
Lithuania
