CTO2B raises €1M from Lithuanian Practica Capital and Firstpick

Lithuanian startup CTO2B has raised €1M in a pre-seed round from Lithuanian Practica Capital and Firstpick, as well as some Baltic business angels. 

Founded in Vilnius in 2019 by Andrius Bagdonavičius and Aleksej Trofimov, CTO2B is a platform that helps fintech startups and SaaS companies automate DevOps tasks on cloud infrastructure. Based on intelligent automation, CTO2B's tool connects to the client's infrastructure, on its selected cloud provider (AWS, GCP, or Azure), and takes care of all the infrastructure wiring, automation, and maintenance. The client can work on the application development independently, while CTO2B automates all the infrastructure around it, including release management, continued integration, and continued delivery of the application from Dev/Test up to production. 

CTO2B’s clients specialize in SEPA payments, identification, core banking, and other critical fintech services. The company’s engineering team is based in Vilnius and Amsterdam.

The startup will use the investment to further develop its platform further and expand into new markets.

Practica Capital manages four funds with a total market value of €132M. The firm has invested over €10M from its Practica Capital III fund. It recently announced a second closing of its €80M fund.

Established by an ex-Lithuanian team of Estonian accelerator StartupWiseGuys, a VC and an accelerator Firstpick aims to support 45 startups over the coming three years. The fund size is €20M. The initial ticket per startup is €50-€200K. The managing partners are Jonė Vaitulevičiūtė, Marijus Andrijauskas, Dmitrij Sosunov, and Sandra Bagdonaite.