Baltic Innovation Fund 3 (BIF 3) is a EUR 225 million initiative and the third generation of a regional programme jointly established by the EIF and the National Promotional Institutions (NPIs) of Estonia, Latvia and Lithuania.
Since 2013, BIF 1 and BIF 2 have mobilised more than EUR 1.19 billion for companies in the region, attracting over EUR 900 million in private capital.
The initiative aims to increase the region’s private equity and venture capital market – anchoring both first‑time and experienced fund managers.
Partners
Target countries
BIF 3 expected impact
What is BIF 3 investment strategy?
Building on the successful implememntation of BIF 1 and BIF 2, BIF 3 will focus mainly on growth and expansion equity, as well as hybrid debt–equity instrument, with a selective allocation to late‑stage venture capital. It will complement the existing early‑stage venture capital initiatives already run by the NPIs. This balanced approach will support coordination and the creation of a long‑term, coherent Baltic strategy for developing the region’s equity market.
BIF 3 aims to support eight to 11 funds over five years, with up to 20% dedicated to climate‑aligned investments.
How to apply?
Funds interested need to satisfy a strict set of investment criteria in line with the EIF’s normal investment process. We are looking for qualified and credible partners with a proven track record in this field. Please read carefully the eligibility document, the criteria outlined below are only indicative. Interested and eligible funds can submit their application via the form below.
Eligibility criteria
BIF 3 signature
A retrospective on BIF 1, 2 and 3
Investment capacity over time
Discover BIF 1 and BIF 2
Questions and answers on BIF
Disclosure: The information provided in this Q&A is for general guidance only and may not fully apply in every situation. Specific cases may differ, and applicants or stakeholders should consult directly with the relevant intermediaries or the EIF for case-by-case clarification.