A new venture capital fund in the Baltic region is set to significantly increase the funding available for start-ups. Vilnius-based Practica Capital has closed its third and largest fund to date, raising €80m. It is now the biggest seed fund in the region and will support early-stage tech start-ups in Lithuania, Latvia, and Estonia. The fund has already invested €10m in six companies, including Heavy Finance and Sentante. The closing of the fund was supported by cornerstone investor the European Investment Fund, as well as the European Bank for Reconstruction and Development, INVEGA, SEB Investicijų Valdymas, and Swedbank.
Key points:
- Vilnius-based Practica Capital has closed an €80m ($91.25m) funding round for the largest seed fund in the Baltic region
- The start-up ecosystem in the Baltics is demonstrating resilience by raising significant funding despite a tough fundraising environment
