Lithuanian Business Angel Network’s (LitBAN) founding event, which took place on March 14th in Vilnius, was an overwhelming success with over 150 attendees and 50 registered paying members.
Attendees included Vladas Lasas, one of the best-known entrepreneurs of the region, who follows socially responsible investing principles; Ivar Siimar, founder of EstBAN, serial entrepreneur and business angel from Estonia; Gytenis Galkis, one of the initiators of LitBAN and CEO at Blue Lime Labs; Tsutomu Gabriel Komori, investor from Japan and Managing Partner at Bene Asia Capital; and many others.
Strong interest in launching Business Angels Network in Lithuania sends a message that Lithuania needs such an organization that would strengthen the local and regional startup ecosystem and enable new business ideas to come to life faster.
Lithuania was the only country in the Baltic States to have no network of business angels. Networks and associations that unite angels in neighboring countries have been operating for several years now. A similar network, EstBAN in Estonia, was established in 2012, while LatBAN – the Angel Network in Latvia – has been operating since 2014.
According to Gytenis Galkis, one of the founders and the managing director of LitBAN, business angels have operated individually so far in Lithuania or have occasionally partnered up for private initiatives only, so the founding of LitBAN will significantly help both startups and the development of innovation.
The founding of LitBAN is a positive development for the regional and European investors’ network as well, since it will facilitate a gateway for startups to meet Angel investors from Baltic & Nordic countries. For investors, the network will serve as deal-flow facilitation, networking, and interest representation platform.
LitBAN will foster business angel activity through communication, events, networking, and syndication of deals both locally and across Europe. It will unite wealthy individuals, entrepreneurs, and company executives interested in investing and sharing their knowledge with new entrepreneurs.