Sorainen has advised venture capital firm Elephant VC on investing in Lithuanian startup PVcase.
PVcase is a developer of software for solar power plants. The series A round raised EUR 20 million. Venture capital funds Practica Capital and Contrarian Ventures, which had previously invested in the company, also participated in this round of funding.
According to Sorainen, the new investment will help PVcase to actively expand in the US market. “Once the series A round has been completed, Elephant VC partner Peter Fallon will join the board of PVcase. With his knowledge and connections, he will help the Lithuanian startup to establish itself in the US market.”
Sorainen’s team was led by Senior Associate Mindaugas Baniulis and included Partners Laimonas Skibarka, Mantas Petkevicius, and Saule Dagilyte, Counsels Stasys Drazdauskas and Monika Malisauskaite-Vaupsiene, Senior Associates Irma Kirklyte and Aurelija Daubaraite, and Associate Jurgita Tekoriene.
Sorainen did not reply to our inquiry on the matter.
Editor's note: After this article was published, CEE Legal Matters learned that SPC Legal advised PVCase on the deal. The firm's team was led by Senior Associate Evaldas Petraitis.
Subsequently, Cobalt informed CEE Legal Matters that it had advised Practica Capital on its investment. The firm's team included Partners Akvile Bosaite and Eva Suduiko.