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Cobalt Advises Practica Capital on Launch of New Venture Capital Fund

Cobalt Advises Practica Capital on Launch of New Venture Capital Fund

Lithuania
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Cobalt has advised Practica Capital on the launch of a new venture capital fund, Practica Capital Venture II, which will invest in Baltic innovation and technology-driven ventures, with EUR 15 million of public funds committed by Invega and the rest committed by Practica Capital and other local and international investors. Ellex reportedly advised Invega on the deal.

According to Cobalt, the new fund will focus on early stage venture capital investments in the Baltics and other Baltic-related ventures in Europe. It will also invest in neighboring EU and ventures from non-EU neighbors relocating to the Baltics. The fund will invest between EUR 200,000 to EUR 2 million in seed, early and select growth stage ventures.

Invega will invest in the fund through the Business Financing Fund, a fund of funds managed by Invega and stablished by the Ministry of Economy and the Ministry of Finance of the Republic of Lithuania and financed by EU Funds.

"The growth and strengthening of venture capital funds are one of the main drivers of the start-up ecosystem growth," commented Lithuanian Minister of Economy Virginijus Sinkevicius. "Besides funding needed for business launch and development, young and innovative enterprises will also receive additional knowledge and investor advice necessary for their growth. We expect this investment of public funds will encourage the venture capital fund to be less conservative and make bold investments into young and innovative businesses, especially in Lithuania.”

According to Practica Capital Partner Silvestras Tamutis, this is the third fund under Practica Capital management with a natural evolution towards regional Baltic-focus VC investment strategy and Lithuania as a prime target market.

The Cobalt team consisted of Partner Elijus Burgis, Managing Associate Eva Suduiko, Senior Associate Aurelija Balciune, and Associate Viktorija Dusajeva.

Lithuanian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

All News about Cobalt can be found here.

 

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