Sorainen advised Practica Capital, a Lithuania-based venture capital fund, on its investment in Sonarworks.
Dedicated Baltic venture capital fund
Established in 2011 in Lithuania, Practica Capital is a dedicated Baltic venture capital fund focusing on investments in Baltic and Baltic-origin seed, early stage, and select growth stage technology ventures. Practica Capital manages several investment funds.
This investment in Sonarworks is the third ‒ and the most significant yet ‒ by Practica Venture Capital II fund, which was established at the end of 2018.
European audio software innovator
Sonarworks, founded in 2012 in Latvia, is a global leader in digital sound calibration technologies and has customers in over 170 countries. Sonarworks technology is used by at least 30,000 recording studios worldwide, including more than 35 Grammy winners.
Series A financing round
The investment by Practica Capital was made as part of a Series A round of financing ‒ the total amount of the financing round is EUR 5 million. The lead investors in the round were Practica Capital (Lithuania) and Karma Ventures (Estonia), with several other investors ‒ Revo Capital (Turkey), SuperAngel (Estonia), ProksCapital and Imprimatur (Latvia) ‒ participating in the round.
Full transaction support by the Sorainen team
Sorainen provided Practica Capital with full transaction support, including legal due diligence, drafting the investment agreement and shareholders’ agreement plus other related documents, as well as assisting in signing the transaction documents, and will continue to advise Practica Capital in this case until the closing, which is expected at the end of May.
The Sorainen team consisted of country managing partner Eva Berlaus, senior associate Jānis Bite and associate Līva Aleksejeva.