Venture capital fund Koinvesticinis fondas, together with Contrarian Ventures and business angels, is investing in the Lithuanian startup In Balance grid, which is developing smart electric vehicle (EV) charging solutions for business and network operators.
The startup has raised 950 thousand EUR in total. Investment was led by Contrarian Ventures, with the majority, or 600 thousand EUR of investment, coming from Koinvesticinis fondas which invests along-side business angels and other funds. Investors joining the company round include Mantas Mikuckas, the cofounder of the first unicorn Vinted founded in Lithuania as well as Ernestas Petkevicius, seasoned angel investor.
The founders of the company are Nerijus Šiaulys, Aurimas Pauga and Simonas Stankus. Established in 2019, In Balance grid develops charging infrastructure that is built on a cluster system with a master and slave design concept, where the majority of the components are off the shelf and managed by In Balance grid software. Innovations in software development allow company to ensure the distribution of electrical energy between all consumers through dynamic load management and virtual queues. At the same time the software has functionality which ensures power main balancing, integration with 3rd parties as well as payment solutions.
„Charging infrastructure will be a crucial part of our journey to a climate-neutral economy by 2050, therefore we appreciate the opportunity to invest and support in In balance grid team. This investment is the first under our fund’s financial instrument which is allocated for transport development“, - says Viktorija Vaitkevičienė, CEO at Koinvesticinis fondas.
She adds that the fund’s decision to invest in the company depended to a large extent on the strong team of co-investing angels and the Contrarian Ventures.
"We have all heard about Lithuania's progress in the field of financial technologies. This success story inspires and motivates us to strive to make our country a leader in the smart energy sector as well. The ongoing decarbonisation of the energy sector around the world illustrates that technologies and products that still look like niches today will become part of everyday life in the near future. And the biggest winners will be those companies and countries that are already directing investment in these future technologies. We are convinced that they will count not only financial but also long-term strategic benefits in the near future”, - says Rokas Pečiulaitis, Executive Partner of Contrarian Ventures.
News source: www.koinvest.lt