Smart Energy Fund invested in Lithuanian start-up LastMile

Posted by Robertas Tumilo

Smart Energy Fund powered by Lietuvos Energija managed by Contrarian Ventures invested in LastMile, a Lithuanian start-up that adapts smart energy solutions. The start-up has developed a platform that enables citizens and businesses to easily order goods and receive them within an hour, using electric and urban clean transport.

A venture capital fund Smart Energy Fund invested EUR 50 thousand in a start-up LastMile. LastMile will use this initial investment to develop its business and the platform.

“Energy and environmentally friendly transport are becoming increasingly interlinked. A business model, like LastMile, makes it possible to increase a number of electric transport modes, to reduce a number of vehicles powered by traditional fuel and to positively affect air pollution, especially in cities”, - says Dominykas Tučkus, the Member of the Board of Lietuvos energija and the Director of Infrastructure and Development. LastMile allows the city-based points of sale to have a whole platform needed for e-commerce, with a one-hour goods delivery service to the door of the final customer.

The principle of the sharing economy, which is increasingly gaining momentum worldwide, helps ensure the speed of delivery of goods to the city residents. This principle, at the same time, gives residents of the city an opportunity to earn extra money by transporting goods whenever they have free time for that.

“We will strive to provide the service using environmentally friendly modes of transport, such as electric scooters and bicycles that emit little noise. The solution proposed creates an opportunity to deliver goods in an hour, to conserve nature and prevents the increase of the number of vehicles in cities, but to optimize it”, - says Tadas Norušaitis, the Head of LastMile.

“The team of LastMile has developed a platform which was strongly required in the market and which contains considerable potential. The platform that will help saving energy resources and reducing pollution. The growing start-up will contribute to the electrification of urban vehicles and their infrastructure. Such solutions are already widespread in the United States and Asia, and in Europe demand for them is also growing. We are delighted with this investment because we will be able to help LastMile to start operating in Lithuanian market and successfully expand to other markets“, - says Rokas Pečiulaitis, the Managing Partner at Contrarian Ventures.

Smart Energy Fund powered by Ignitis Group and managed by Contrarian Ventures supports Ignitis Group Energy Innovation Hub including programs of Open Infrastructure, Open Partnership and Open Culture.

Smart Energy Fund powered by Ignitis Group and managed by Contrarian Ventures invests in start-ups that are developing new technologies in the energy technology field. The Fund also manages AcceleratorOne Program which together with Ignitis Group invests in start-ups and helps them grow. The program tests pilot products and services in the local market, providing further opportunity to grow internationally.

More information about Ignitis group

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