Lithuania's Practica Capital announces €15.7 Million Final Close

Our fingers are getting tired of typing this intro but it's good news for this region's entrepreneurs. In addition to VCs including CreandumAtomicoVision+Northzone raising money to invest in the regional level, Practica Venture Capital has announced the final close of a €15.7 million Venture Capital fund to invest in Lithuanian growth companies. The funding includes commitments from the European Investment Fund (EIF), which increased its investment to €11 million through the JEREMIE initiative, which was started by the European Commission together with the European Investment Bank and the EIF to put money into funds investing in Baltic SMEs.

According to the press release:

The fund invests in established businesses with high-growth potential and also provides follow-on investments to some ideas and startups developed under the EUR 6m Practica Seed Capital fund also managed by Practica Capital. The Practica Venture Capital fund is a generalist investor and may invest up to EUR 3m per enterprise from various sectors.

By end of 2013, Practica Venture Capital fund signed 6 investments for EUR 2.7m, including value- added lighting distributor Gaudrė, international payments provider TransferGo, journey planner Trafi and 3D model marketplace CGTrader. Moreover, Practica Seed Capital fund invested EUR 2.6m into 14 different ideas which are in the intensive development stage.

Their portfolio companies include some we've covered, such as AdDuplex, CG Trader, and Dragdis. A full list of their investments can be found on Practica's portfolio page.

Practica was established in 2011 and manages a €6 million Seed Capital fund as well as this €15.7 million fund. The VC also runs Startup.lt, an accelerator close to the center of Lithuania's startup scene. To date, the company has signed 20 investments for €5.3 million in 16 companies.

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