A team of eight business angels constituting LitBAN (Lithuanian Business Angels Network), in cooperation with limited partnership Koinvesticinis Fondas, has invested EUR 435,000 into the rapidly growing Lithuanian company Interactio.
A team of eight business angels constituting LitBAN (Lithuanian Business Angels Network), in cooperation with limited partnership Koinvesticinis Fondas, has invested EUR 435,000 into the rapidly growing Lithuanian company Interactio, which has developed an application that replaces the complicated interpretation equipment setups at conferences. Interactio’s clients include such business giants as Google, Amazon and Microsoft.
“We greatly appreciate the confidence in our idea shown by this strong group of business angels together with Koinvesticinis Fondas. Mobilising our efforts, knowledge and financial resources, we will achieve our targets. The language barrier will no longer stand in the way of people’s ability to attend events, exhibitions, meetings and so on. We will use this investment for team development, sales and marketing,” said Interactio CEO Henrikas Rapolas Urbonas.
Innovative solution receives evaluation
The application developed by Interactio has been used in more than 38 countries for a few years already and is among the world’s top forty mobile solutions. This smart interpretation system of the Lithuanian start-up enjoys particularly great popularity in America, and in 2018 Interactio was used at almost 3 000 events in more than 30 countries around the world.
“We are glad that as many as seven out of eight investors of the syndicate are members of LitBAN. The exceptional fact is that business angels from other countries are also investing in the same phase. We hope that such examples of collaboration will be more numerous in our ecosystem, as it facilitates investments for business angels at the same time as adding value for the start-ups,” says Venantas Miškinis, the syndicate’s lead investor.
A part of the investment, or EUR 261,000, is financed by the Fund, while the remaining EUR 174,000 is the money of business angels.
“The Fund is thorough in selecting companies for investment. When deciding to invest or not, one of the main questions is the particular public problem that the proposed product or service is designed to solve, because the best businesses tend to be those that address certain human problems or make everyday life easier. In this case our interest was attracted by the proposed solution for the problem of communication and lack of dialogue, and the investors have shown their trust in the solution,” said the Fund’s CEO Viktorija Vaitkevičienė.