Central and Eastern Europe has no shortage of ambitious founders or promising technologies, but it lacks capital. Aneli Capital, a new €35 million venture capital fund based in Vilnius, wants to change that reality.
The fund plans to invest in 20 startups over the next five years, targeting sectors including ICT, robotics, space, photonics, and energy. Backed by the National Lithuanian Development Bank (ILTE) and Poland’s Magna Polonia, the fund’s model centres on speed, guidance, and genuine partnership. Its goal is to give entrepreneurs the agility and confidence to grow locally before scaling globally.
“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. Our goal is to be the partner that stays for the full journey, not just the exciting part at the beginning,” says Daiva Rakauskaitė, CFA, partner and fund manager.
Give CEE founders mentorship, structure, and strategic support available in more mature markets
Alongside Rakauskaitė are Nerijus Baliūnas, head of business development and strategy, Jacek Blonski, leading deep tech and cross-border networking, and Sabina Sinicienė, investment director.
Before launching Aneli, the team helped shape Lithuania’s early-stage investment ecosystem. They co-founded the Lithuanian Venture Capital Association and established the Lithuanian Business Angel Network (LitBAN).Their past success with Business Angel Fund II cemented their collaborative approach: back high-potential teams early, mentor them through the most challenging phases, and prepare them for sustainable growth.
Aneli Capital’s investment thesis is centred on deeptech, with a focus on ICT, robotics, photonics, smart manufacturing, and energy innovation. AI also plays a role in Aneli’s strategy, though the firm applies strict criteria before investing.
“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.
Unlike larger players such as Speedinvest or Credo Ventures, Aneli focuses on early-stage partnerships and provides practical, hands-on support from day one. The fund aims to bridge the gap between local angel networks and international late-stage VCs.
What about a diversity strategy?
When we asked about diversity strategy, Rakauskaitė tells TFN, “We have a diversity-friendly investment policy and actively track both our existing and potential portfolio in terms of diversity. Regardless of gender, we focus on the quality and values of the teams. Our goal is to ensure that the founder teams of our portfolio companies are as strong as possible in delivering results, and demonstrating that all genders matter equally.”
What’s next?
In its first full year, 2026, Aneli Capital aims to back eight startups and continue building momentum with follow-on investments. Over five years, its portfolio will grow to around twenty companies, with half of all funds invested in Lithuania and the rest across Latvia, Estonia, Poland, and other CEE markets.
