COBALT advised Practica Capital on its investment in a Swedish start-up Favro

COBALT has advised the venture capital fund Practica Capital on its investment in a Swedish start-up  Favro, a collaborative planning platform. The company has raised $4.3 million in Seed funding led by the pan-Baltic venture capital fund Practica Capital and followed by the Nordic-US B2B tech investor Scale Capital. Previous investors Creandum and Inbox Capital also participated in the round. The investment will be used to ensure team development, competencies and growth.

The development of Favro’s collaboration and project management platform began in 2016 and soon became popular among dynamic and fast-growing Agile companies – software companies, game studios, publishers, as well as companies seeking to move from centralized processes, leadership and control-based management principles to a horizontal organization with autonomous teams. Today, the customers of the start-up are companies such as Wolt, Unity, Volvo Car Mobility, Disney, SAP, EA and more.

Favro is headquartered in Uppsala, Sweden, with a remote-first team distributed across Sweden, Lithuania, Vietnam, Ukraine, and the US. The company currently has a total of 26 employees. Today 30% of Favro revenues come from North America and 55% from EMEA.

Favro’s business solution stands out for its flexibility and integration of many convenient planning tools. It allows marketing, finance, programmers and system engineers, design and other teams to work conveniently on one platform.

COBALT advised Practica Capital on the structuring of the transaction, drafted transaction documentation, represented the client in negotiations, conducted legal due diligence and advised on other transaction-related matters. COBALT team was comprised of Partner Akvilė Bosaitė and Senior Associate Dr. Lina Aleknaitė-van Der Molen.