Lithuanian Practica Capital announced a second close of its €80M fund

Lithuanian Practica Capital announced a final close of its latest €80M fund. Thus, Practica Capital III became the largest seed investment fund in the Baltic region. 

Besides Lithuanian Swedbank Lizingas and Estonian Swedbank Investeerimisfondid, Practica received financial support from the European Investment Fund (EIF) as a cornerstone investor. Among newly announced anchor investors of Practica were the European Bank for Reconstruction and Development (EBRD), Lithuanian state-owned company INVEGA, and Lithuanian bank SEB Investicijų Valdymas. Cofounders of Lithuanian cyber unicorn Nord Security also invested in Practica Capital III. In addition, the new fund is backed by the InvestEU program and the Baltic Innovation Fund 2.

According to Practica Capital, the institutional capital of the fund is comprised of more than 80%, and returning capital is more than 70% of the commitments. Its seed to series A graduation cohort has approached 40%. In 2023, it also achieved 0.7x DPI. 

Thus, Practica Capital manages four funds with a total market value of €132M. The company has invested more than €10M from its Practica Capital III fund and backed six companies, such as Heavy Finance, Sentante, Amlyze, and Breezit. 

As announced earlier, up to €3M will be allocated as the initial investment to early-stage startups, and up to €8M as a follow-on investment.