Latvian Acceleration Fund Overkill Ventures was officially opened in June 13. In cooperation with strategic partners: Lattelecom and Scandinavian accelerator Accelerace it plans to invest in 50 startups in the initial phase and, in the future, provide more substantial support for the 10-15 start-ups from Latvia, other Baltic countries and Central Europe.

Overkill Ventures will be located in the premises specially equipped for the fund in Lattelecom office in Riga.

"New business ideas and business models are emerging all over the world. From the very beginning we considered it important to participate in the development of Latvian startup ecosystem. This decision as well as the creation of the first B2B accelerator in Latvia is the support of innovative projects with a common goal - to stimulate the development of solutions with high value added, as well as the competitiveness of Latvia on a global scale. We are happy to invest our experience and knowledge in partnership with Overkill Ventures and in the development of new enterprises," said Lattelecom Chairman of the Board Juris Gulbis.

"In 2017, 1.32 billion euros were invested in start-ups from Central and Eastern Europe. We predict growth and active development in the nearest future in this region. Among other things, Riga can offer an active ecosystem of start-ups, proficient and pleasant environment, excellent geographical location, relatively low rates for labor and tax benefits. All together, this makes it an attractive place for the creation and development of start-ups," said Peteris Marculans, partner of Overkill Ventures.

The head of Overkill Ventures Peteris Marculans, Lattelecom CEO Juris Gulbis, ALTUM board member Raimonds Berzins and representatives of the Ministry of Economy, start-up environment of Latvia and non-governmental organizations took part in the opening of the fund. The audience got acquainted with the new, modern, adapted for the fund premises in the Lattelecom building. In the future, program participants - startups will work there. 

The fund plans to make initial investments in 50 start-ups within three years – each enterprise will receive 40 thousand euros. It is assumed that 80% of start-ups will be foreign. In the future Overkill Ventures additionally will invest up to 250 euros in about 10-15 enterprises.  

The first program of acceleration will begin in August, while there is an intensive selection process. The interest is very large - to date, applications have been received from several hundred start-ups. 

The priority direction of the fund's investments are smart jobs. The fund will invest in new technologies, for example in artificial intelligence and machine learning, in the Internet of things, block chains, supplemented and virtual realities, as well as in other solutions that will improve the business efficiency and workflow in different working environments and industries.

As part of the acceleration program, experienced entrepreneurs, investors and industry experts will advise start-ups, a team of fund mentors will work with them, they will help with business development and attracting investors. Additional contributions to the consultation will be made by the strategic partners of the fund – Lattelecom and Accelerace, as well as specialists from Europe and the USA. You can apply for participation in the program of the startup team here: overkill.vc/apply. 

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