COBALT advised Practica Capital which, together with other investors, invested $8 million in Eneba, the world’s fastest growing marketplace for gamers.
Launched in 2018 by two Lithuanian school friends, Eneba provides a marketplace for gamers to safely purchase everything they need for the world’s most popular games. Eneba has already attracted a community of 26 million unique users.
As COVID-19 struck, Eneba was already growing fast but, with an increased shift to digital entertainment, the startup experienced exponential growth and an increased interest from US gamers; now the company’s fastest-growing geographycally.
Eneba will use its funding to accelerate investment in product development making the platform faster, safer and easier to use and to expand further in the US and across other key global markets.
COBALT represented Practica Capital in Lithuanian law matters (Goodwin was the representative in United Kingdom law matters). COBALT advised the client on the structuring of the transaction, drafted transaction documentation, represented Practica Capital in negotiations, conducted legal due diligence and advised on other transaction-related matters. COBALT team was comprised of Partner Akvilė Bosaitė and Associate Robertas Grabys.