Backing the founders building what comes next.

We invest in high-impact B2B technology companies across the Baltics, and wider Central & Eastern Europe. Patient capital, twenty years of operating judgment, and a partnership model built on alignment.

€60M

ASSETS UNDER MANAGEMENT

21+

PORTFOLIO COMPANIES

20+

YEARS INVESTING

OUR APPROACH

Three convictions guide every investment.

We believe in founders.

Long before the market validates a company, the founder does. We bet on the people first — their conviction, their judgment, their obsession — and build the rest of the investment around them.

True partnership, not passive capital.

Our edge is the network behind us — operators, scientists, customers and capital across the Baltics, CEE and beyond. When founders need an introduction, a hire, or the next round, we open the door.

We show up — and stay.

We are not a logo on your cap table. We take meaningful stakes, sit at the table for the decisions that shape the company, and stay engaged through every round that follows.

WHAT WE BACK

We invest where Europe's next category-defining companies are most likely to be built.

Seed to early growth.

STAGE

SECTORS

TICKET

GEOGRAPHY

MODEL

B2B only. Real customers, real contracts, real unit economics.

Lithuania, Latvia, Estonia, Poland, and the wider CEE region.

Space, Energy, Robotics, Lasers, Quantum, Biotech, Data, ICT and adjacent deep-tech.

€100K to €5M, with €1.5M average — and follow-on capacity reserved for the winners.

HOW WE PARTNER

We take an active, hands-on role in helping founders grow, scale, and succeed — showing up where it matters.

EXIT

Designed in from day one.

Every investment is architected with a credible path to exit — strategic, secondary, or IPO. Optionality is part of the original deal.

FOUNDER-FIRST

We don't interfere.

When we have no clear added value to offer, we step back. Founders run their business — we are here to support, not to manage. We believe great outcomes come from trust, not control.

DILIGENCE

Serious, not slow.

Financials, market, competition, founder track record — examined the way a long-term partner should.

HANDS-ON PARTNERSHIP

Active where it counts.

We engage where we can genuinely add value — opening doors to customers, co-investors and talent. Strategy, networks, and operational support, when you need them.

SOLO OR SYNDICATED

Flexible by design.

We invest independently or co-invest alongside angels and other VC funds — structuring each deal in whatever way best serves the company. We are comfortable leading a round or participating in one.

Building something we should see?

Pitch us your startup - and let's build something great together.

Get in touch

Konstitucijos pr. 18B, Vilnius, Lithuania

Address

Fund management company – Aneli capital UAB, operating in accordance with the Law on Collective Investment Entities for Informed Investors of the Republic of Lithuania and permit No. 16 issued by the Bank of Lithuania on 3 September, 2018. Currently manages two funds.

Business angels fund II IISUTIB operates according to the closed-end investment company activity permit No.15 issued by the Bank of Lithuania on 22 October, 2018. The fund is partially financed by the European Regional Development Fund for 2014-2020, administered by UAB Ilte, and fully invested in parri-passu basis with private investors.

Aneli Venture Capital fund IISUTIB operates according to the closed-end investment company activity permit issued by the Bank of Lithuania on 5 November, 2025. The Fund invests under the financial instrument "Venture Capital Fund III", co-funded by the European Union from the Innovation Promotion Fund managed by ILTE, supported by the European Regional Development Fund (ERDF) and private investors.