We advised CGTrader, a Lithuanian company operating a three-dimensional (3D) model trading platform, in attracting USD 9.5 million in investment. One of the investors in the company is Mikael Hed, the former CEO of Rovio, the company that created Angry Birds. He has also become Chairman of the Board of CGTrader.
The main investor in this series B funding round has been the Finnish venture capital fund Evli Growth Partners. Lithuanian LVV Group and Estonian Karma Ventures also invested in the company in this round. This investment is the largest venture capital transaction in Lithuania this year so far.
Paving the way for augmented-reality-driven e-commerce
Mikael Hed, partner of Evli Growth Partners, comments: “With over a million 3D models on its platform, CGTrader is already the market leader in fields such as games and architecture. With its almost 4 million designers and a robust technological platform, CGTrader can also become a leader in transforming traditional commodity photos into 3D images and paving the way for augmented-reality-driven e-commerce. We were impressed by the team’s vision and efficiency, as well as the calibre of the customers they were able to attract.”
The CGTrader platform was launched in 2011. It currently has approx 3.5 million registered users, 1.1 million models and about 380,000 customers. The company has 79 employees, and the team is set to double in size this year.
Our services and project team
We advised the client on all Lithuanian legal and tax issues related to the investment. Our team consisted of senior associate Vytautas Sabalys, partner Mantas Petkevičius, and counsel Indrė Ščeponienė.