COBALT advised Practica Capital, a group of venture capital companies, on its EUR 100 000 investment in the indie game development company JetCat Games. JetCat Games is the first game developer to have received venture capital funding from a Lithuanian venture capital fund.
JetCat Games, founded by three game developers from Belarus, Ukraine, and Russia, is a young indie studio, based in Vilnius, Lithuania. At the moment they are working on their first game Heliborne. Heliborne has game mechanics that have been described as “king of the hill on helicopters”. The beta version of the game will be available? before the end of 2015.
“The computer and video games industry has never been as popular as it is today, with an immense consumer base of 150 million people in the U.S. alone. Additionally, indie games are becoming more accessible to wider audiences due to new applications and devices, and to the changing habits of game players. More importantly, indie game developers are becoming more and more successful financially. That’s why Practica Capital sees great potential in JetCat Games and their upcoming Heliborne game,” Donatas Keras, a partner at Practica Capital, explained.
The work of COBALT lawyers included drafting of transaction documents, representing Practica Capital during negotiations, conducting due diligence and advising on other transaction related matters. The team was led by Eva Suduiko, Senior Associate at COBALT.