Cobalt Estonia has advised venture capital firm Karma Ventures and Sorainen Latvia has advised Practica Capital on their co-financing of EUR 5 million series A investment in Sonarworks.
Practica Capital in Lithuania and Karma Ventures in Estonia were lead investors in the round, with several other investors ‒ Revo Capital in Turkey, SuperAngel in Estonia, ProksCapital and Imprimatur in Latvia ‒ participating as well.
Sonarworks, which was founded in 2012 in Latvia, focuses on digital sound calibration technologies and has customers in over 170 countries. According to Sorainen, Sonarworks technology is used by at least 30,000 recording studios worldwide, including more than 35 Grammy winners.
Established in 2011 in Lithuania, Practica Capital is a dedicated Baltic venture capital fund focusing on investments in Baltic and Baltic-origin seed, early stage, and select growth stage technology ventures. Practica Capital manages several investment funds. According to Sorainen the investment in Sonarworks is the third ‒ and most significant ‒ by Practica Venture Capital II fund, which was established at the end of 2018.
Karma Ventures is an early-stage venture capital firm, specialized in late seed and A round investment in Europe’s tech start-ups.
Cobalt has previously advised Karma Ventures on investments in AppGyver (as reported by CEE Legal Matters on October 24), Plumbr (as reported by CEE Legal Matters on April 19, 2017), SpectX (as reported on June 9, 2017), Adaptive Simulations (as reported on May 9, 2017), Minut, Inc. (as reported on November 27, 2017), and Sonarworks (as reported on December 15, 2017).
The Cobalt team consisted of Partner Kristel Raidla-Talur and Senior Associate Greete-Kristiine Kuru.
The Sorainen team consisted of Managing Partner Eva Berlaus, Senior Associate Janis Bite, and Associate Liva Aleksejeva.
Editor's Note: This article has been updated to correct the composition of the Cobalt team.