October 15th, 2020 - Practica Capital, a leading venture capital fund management company in Lithuania and the Baltic States, has successfully completed the final close of Practica Venture Capital II fund, reaching a total of €28.5M.
The anchor investor of the Practica Venture Capital II fund is Invega, which invested through the financial instrument Development Fund I that was established by the Ministry of Economy and Innovation of the Republic of Lithuania, financed by the European Regional Development Fund (ERDF). The rest of the funds were committed by Practica Capital together with a number of other local and international investors.
At this last stage of fundraising, Swedbank Investment Management, the largest tier-II pension fund manager in Lithuania committed €2M to the fund. Of all pension funds operating in Lithuania, this is the first-time investment in an early-stage venture capital fund in Lithuania.