COBALT advised Practica Capital on completing the €28.5M fundraising

COBALT advised Practica Capital, a leading venture capital fund management company in Lithuania and the Baltic States, which successfully completed the final close of Practica Venture Capital II fund, reaching a total of €28.5M.

The anchor investor of the Practica Venture Capital II fund is Invega. The rest of the funds were committed by Practica Capital together with a number of other local and international investors.

The fund will focus on early-stage venture capital (“VC”) investments in the Baltics (Lithuania, Latvia, Estonia) and Baltic-origin (e.g. Baltic diaspora, other Baltic connection) ventures in Europe. Since the establishment of Practica Venture Capital II in 2019, the fund has already made 14 investments in companies, among which we can find such already well-known companies as Ziticity, Oxipit, Eddy Travels or PVcase.

COBALT team advised the client on the Swedbank Asset Management €2M investment to the fund at this last stage of fundraising. COBALT team prepared and reviewed the necessary documents, advised on all legal issues related to the establishment and distribution of the fund. The team consisted of COBALT partners and Co-Heads of the Banking and Finance Practice Group Eva Suduiko & Akvilė Bosaitė, senior associate Aurelija Balčiūnė and associate Andra Gavėdaitė.