Practica Capital raised an extra €10M from EBRD for its third fund

Lithuanian Practica Capital raised an additional €10M for its third fund from European Bank for Reconstruction and Development (EBRD).

In December 2022, the fund has already raised €32M from Lithuanian Swedbank lizingas, UAB, and Estonian Swedbank Investeerimisfondid AS, co-founders and early team members of Lithuanian unicorn Vinted, Lithuanian venture builder Tesonet, and other tech companies, including some previously backed startups. 

The target size of Practica Venture Capital III fund is €70M. The investment in Practica Capital comes from one of EBRD’s funds, through which it aims to invest €200M in total in commercially-oriented early-stage venture capital funds.

Vilnius-based Practica Capital was founded in 2012. Its Fund III focuses on equity and quasi-equity investments in early-stage technology investments in Estonia, Latvia, and Lithuania and Baltic-origin ventures in Europe targeting early-stage startups. It has supported Lithuanian startups PVcase, Interactio, Montonio, Ovoko, and London-based TransferGo. Practica Venture Capital III fund will invest up to €3M in 25 target companies, mostly at the seed stage. More than 50% of capital is allocated to invest in follow-on investments.