Our journey into the world of venture capital began in 2017 with the launch of the €12.5 million Smart Energy Fund powered by Ignitis group, managed by Contrarian Ventures.
The Fund's strategy is to invest in early-stage start-ups operating in the energy and e-mobility sectors in Lithuania, the European Economic Area, the United Kingdom, Switzerland, and Israel.
To date, the fund has invested in 21 start-ups across Europe and Israel, 6 of which originate from Lithuania.
The fund has demonstrated exceptional financial and strategic performance. In 2023 July, the fund returned €15.6 million to Ignitis Group from the sale of portfolio companies. In addition, it facilitated a number of pilot projects and the acquisition of services from seven portfolio companies, as well as the review of thousands of start-ups, allowing the Group to feel the pulse of trends in the energy sector.