COBALT advised Practica Capital on investing in a Lithuanian SolarTech PVcase
2021 - 10 - 05
COBALT has advised the venture capital fund Practica Capital which co-invested together with other investors in the Lithuanian-based solar software provider PVcase. The company raised €20M in Series A funding, making this the largest solar software company fundraising round in Europe.
Elephant (a venture capital firm) led the funding round, along with existing investors Practica Capital and Contrarian Ventures. With the largest solar software company fundraising round in Europe, PVcase expands to the U.S. to build a data-driven platform for solar engineering needs.
Founded in 2018, PVcase helps companies design, estimate, and optimize commercial and utility scale solar assets. PVcase allows its customers to deliver market-leading projects faster than their competitors by transforming complex engineering processes with a simple and intuitive interface.
PVcase will use this new funding to further the development of its products, support expansion in the U.S., and accelerate hiring remotely and at its offices in Lithuania, Spain and Germany. Scaling out the company’s product portfolio will include key investments in building a data-driven solar technology platform for all solar engineering needs. This includes a product pipeline to cover the entire solar project lifecycle – from sales and development to construction, operation and maintenance.
COBALT advised Practica Capital on the structuring of the transaction, drafted transaction documentation, represented the client in negotiations, conducted legal due diligence and advised on other transaction-related matters. COBALT team was comprised of Partners Akvilė Bosaitė and Eva Suduiko.