Practica Capital announced the final closing of its largest fund to date at an €80 million hard cap

Congratulations to our client Practica Venture Capital III on final closing of its third vintage and their largest fund to date at an €80 million hard cap.

Practica Venture Capital III is a 3x uptick in size from its predecessor and will significantly increase the capital available for the Baltic founders. The fund is the biggest seed fund in the region to date and establishes Practica Capital as a pan-Baltic early-stage investor.

The final closing was completed with the European Investment Fund (EIF) joining as a cornerstone investor. European Bank for Reconstruction and Development (EBRD), SEB Investicijų Valdymas, and Investicijų ir Verslo Garantijos (INVEGA) joined Swedbank Investicijų Valdymas and Swedbank Investeerimisfondid as anchor investors. The fund was once again supported by many individual LPs, such as the co-founders of Lithuanian unicorns Vinted, Nord Security, and other successful tech companies, including several Practica Capital previously backed startups.

COBALT advised Practica Venture Capital on all matters related to the establishment and closing of the fund and approval of its establishment documents with the Bank of Lithuania, prepared the required documentation and represented the fund in the negotiations with the investors.

The project was led by Partner Akvilė Bosaitė and her team.