Lithuanian Elinta Charge raises €7M for its charging solutions

The Kaunas-based manufacturer of electric vehicle charging stations, Elinta Charge, has raised a €7 million investment. The Polish AVIA Capital and Lithuanian fund LitCapital joined the round, MamStartup reports.

• Starting in early 2011, Elinta has been developing the electromobility market by producing EV charging stations, which it sells in 30 countries. In addition, the company offers cloud software for different users, including car fleet managers and operators of charging networks. The solution is generally helpful for offices, hotels, retail chains, and courier companies.
• The Polish AVIA Capital and Lithuanian LitCapital joined their efforts to invest €7 million in Elinta Charge. AVIA Capital is a private equity fund investing in Polish enterprises that aim at international expansion. Its average ticket size is €3-€10 million.
• The Vilnius-based fund LitCapital invests through the pre-seed to growth phases of technologically enabled and advanced companies.

“The enormous market potential, engineering talent, and unique product are the factors that made us invest in ElintaCharge, which we are extremely pleased with,”

Šarūnas Šiugžda, founder of LitCapital, comments on the investment.

• The fresh funding will allow Elinta Charge to develop new products and services, including new generation software. The investment from AVIA Capital will also fuel further international expansion, particularly in Poland.