Business Angels Fund exits Energia Futura, a Lithuanian solar energy company
Lithuanian Business Angels Fund has announced the exit from Energia Futura, the Kaunas-based provider of professional solar energy solutions. According to the fund, the investment has fully fulfilled its mission.
- Since starting in 2016, Energia Futura has installed more than 2500 solar plants for private homes and businesses.
- In 2022, the company’s sales grew by 3,7 times to €6,6 million compared to the previous year, and profit before taxes comprised €0,55 million.
- Business Angels Fund joined the company in 2020 when Energia Futura was raising a €300,000 seed funding round.
- Since then, the number of employees increased from 20 to 72 and taxes paid to the budget reached €5,1 million.
“We very much appreciate the Business angel, who joined us in the deal and honestly shared his expertise with the founders. We are very proud of our partner Nerijus Baliunas for the successful lead of this deal! The company was a startup at the time of investment, while now it is attractive for more conservative investors already!”
Business Angels Fund
Business Angels Fund is a venture capital firm which invests in startups, early-stage companies, and small-medium enterprises in the Baltic region, Poland, and greater CEE. BAF manages two VC funds (BAF I and BAF II; the investment size varies between €50,000 and €600,000. Recently, the fund invested in Lithuanian fintech Spenfi during €800,000 seed round.