Taiwan’s investments in Lithuania are accelerating: TransferGo attracted $10 million

Taiwania Capital, one of the largest venture capital funds from Taiwan represented by Ellex, has invested 10 million USD to the Lithuanian fintech startup TransferGo, which has demonstrated significant success in the international market since its establishment in 2012.

The startup, showcasing impressive growth with over 7 million customers in 160 countries, has been profitable in recent years. The CEO of the company Daumantas Dvilinskas has stated that the collaboration with the Taiwanese fund is poised to be a pivotal aid for TransferGo’s expansion into Southeast Asia.

Throughout its 12 years, TransferGo has amassed 137 million USD in investments.

Ellex in Lithuania was responsible for the legal due diligence of the enterprise, which holds financial regulatory licenses in both Lithuania and the UK, provided advice on the transaction agreements, and prepared the transaction documentation. The team responsible for this project was led by Ellex partner Rūta Armonė and included associate partner Aleksandr Asovskij, senior associate Domantas Gudonis, associate Jonas Kružikas, junior associate Rūta Tamulionytė, and others.

Taiwania Capital, which oversees four funds with an investment portfolio totaling 465 million USD, is integral to Taiwan’s strategy for strengthening economic ties with Lithuania.

The fund has designated a 200 million USD investment specifically for Eastern and Central Europe. This transaction is the third Lithuanian investment by Taiwania Capital. The first was disclosed in late 2022 with a 3.7 million euro investment in the Lithuanian laser startup Litilit, with Ellex advising. Subsequently, Oxipit, a Lithuanian startup creating AI solutions for radiology, received an investment of 3.5 million euros from the fund.

Established in 2017, Taiwania Capital has invested in over fifty enterprises globally, spanning sectors like semiconductors, laser optics, biotechnology, space industry, fintech, electric vehicles, smart manufacturing, software, and smart city solutions. With operational bases in Taiwan, the USA, and Lithuania, Taiwania Capital is planning to extend its footprint into Central and Eastern Europe.