We advised venture capital firm Elephant VC on investing in Lithuanian startup PVcase, a developer of software for solar power plants. In the series A round the startup raised EUR 20 million.
Venture capital funds Practica Capital and Contrarian Ventures, which had previously invested in the company, also participated in this round of funding. The new investment will help PVcase to actively expand in the US market.
This is the largest investment to date in Europe in this type of software startup and the second largest series A round in Lithuania to date (see a table below).
One of the most interesting solar technology companies in the Baltic States
Once the series A round has been completed, Elephant VC partner Peter Fallon will join the board of PVcase. With his knowledge and connections, he will help the Lithuanian startup to establish itself in the US market.
Peter Fallon, partner in Elephant VC, comments: “Software and state-of-the-art IT solutions can be used to solve the problem of climate change, which is why PVcase quickly became one of the most interesting solar technology companies in the Baltic States. Its products are developed by solar power engineers who fully understand the challenges, needs and project goals of their colleagues around the world. This is a clear advantage of this company, enabling us to enter a new era of rapid solar power innovation.”
PVcase’s team is expected to more than double by the end of next year, to reach 200 employees. The company’s offices in Lithuania, Spain and Germany will expand rapidly. Some of its employees also work remotely from anywhere in the world.
Our services and project team
We assisted the client on investment-related matters such as conducting legal due diligence on PVcase and representing the client in contract negotiations as well as advising on other legal and tax issues.
Our team, led by senior associate Mindaugas Baniulis, consisted of partners Laimonas Skibarka, Mantas Petkevičius and Saulė Dagilytė, counsels Stasys Drazdauskas and Monika Mališauskaitė-Vaupšienė, senior associates Irma Kirklytė and Aurelija Daubaraitė as well as associate Jurgita Tekorienė.
Largest series A rounds in Lithuania
Sources: crunchbase.com and other publically available information