Sorainen advised venture capital fund Open Circle Capital on launching operations in Lithuania. Open Circle Capital is a EUR 20 million early-stage venture capital fund focused on technology companies in the fields of information and communication technologies, robotics and high-tech.
Comments Audrius Milukas, manager of Open Circle Capital and one of its partners: “We are looking for developers of SaaS solutions, applications and cloud computing business models in the field of Information and Communication Technologies. In robotics, we focus on start-ups involved in component production, logistics, drones, and the fourth industrial revolution. In the high-tech market, our fund is interested in developing medical, chemical, semiconductor, optics and related technologies.”
Noting that these areas are merely indicative, he added that two-thirds of the fund’s capital is made up of public funds (Invega), while the remaining one-third is made up of funds allocated by private investors. The plan is that the fund will invest in 5-6 new technology companies every year, with a maximum investment for each company amounting to EUR 3 million.
Sorainen advised the client throughout the launch of operations in Lithuania – from the first application in the tender run by Invega to structuring, documenting and closing the fund. The Sorainen team included partner Laimonas Skibarka, counsel Mantas Petkevičius, senior associate Karina Andriukaitienė, associate Vytautas Sabalys, and others.