Sorainen Helps New Venture Capital Fund Launch Operations in Lithuania

Sorainen Helps New Venture Capital Fund Launch Operations in Lithuania

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Sorainen has advised the Open Circle Capital venture capital fund on the launch of its operations in Lithuania.

Open Circle Capital is a EUR 20 million early-stage venture capital fund focused on technology companies in the fields of information and communication technologies, robotics, and high-tech.

A Sorainen press releases quoted Open Circle Capital Partner and Manager Audrius Milukas: “We are looking for developers of SaaS solutions, applications and cloud computing business models in the field of Information and Communication Technologies. In robotics, we focus on start-ups involved in component production, logistics, drones, and the fourth industrial revolution. In the high-tech market, our fund is interested in developing medical, chemical, semiconductor, optics and related technologies.”

In addition, according to Sorainen, Milukas "added that two-thirds of the fund’s capital is made up of public funds (Invega), while the remaining one-third is made up of funds allocated by private investors. The plan is that the fund will invest in 5-6 new technology companies every year, with a maximum investment for each company amounting to EUR 3 million."

Sorainen advised Open Circle Capital throughout the launch of operations in Lithuania – from the first application in the tender run by Invega to the structuring, documenting, and closing of the fund. The Sorainen team included Partner Laimonas Skibarka, Counsel Mantas Petkevicius, Senior Associate Karina Andriukaitiene, and Associate Vytautas Sabalys, among others.