Practica Capital
Practica Capital is a Vilnius-based Baltic venture capital firm managing €130M+ across four funds, investing in pre-seed, seed, and Series A tech founders across Lithuania, Latvia, and Estonia with €300k–€3M tickets as the most active Baltic syndicate partner.
- Company typePrivate
- Founded2011
- HeadquartersVilnius, Lithuania
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Practica Capital does
Practica Capital is a dedicated Baltic venture capital firm headquartered in Vilnius, Lithuania, founded in 2011 by Donatas Keras. The firm manages four venture capital funds totaling €130M+ in assets under management and has made more than 70 portfolio investments across Lithuania, Latvia, and Estonia over 12+ years. Practica Capital invests exclusively in tech-driven Baltic founders across pre-seed, seed, and selective Series A stages, with ticket sizes ranging from €300k to €3M per company and an emphasis on active company-building alongside founders rather than passive capital deployment. Its most recent fund vehicle, Practica Venture Capital III (IISUTIB Practica Venture Capital III KŪB), is backed by the European Investment Fund under the EU InvestEU and Baltic Innovation Fund (BIF 2) programs.
Practica Capital's revenue model is standard VC fund economics: recurring management fees on committed/invested AUM across its four funds, plus carried interest on realized portfolio exits. The firm earns no software or product revenue and operates no proprietary technology platform; its principal non-financial asset is the annual Baltic Startup Funding Report, co-produced with FIRSTPICK (and previously Change Ventures), which provides transaction-level coverage of 62%+ of all pre-seed and seed rounds in the region across six years (741 rounds) and functions as a proprietary sourcing and ecosystem-positioning tool.
The firm maintains a tri-country Baltic presence via its Vilnius headquarters (at Vilnius Tech Park) plus a regional Investment Manager in Estonia (Helery Pops, joined 2023) and a Venture Partner in Latvia (Marija Ručevska, joined 2023). Co-investor syndication is a defining feature: Practica Capital describes itself as the most active Baltic syndicate partner, routinely co-investing with tier-one international VCs (Lux Capital, Earlybird, Inovo, Vsquared, Highland Europe, Karma Ventures, Intel Capital, Metaplanet, Inventure, UVC Partners, FIRSTPICK) and EU institutional LPs (EIF, Swedbank, Invega via the Development Fund I and ERDF). The portfolio spans AI, FinTech, BioTech, MedTech, marketplaces, SaaS, cleantech, and space tech, with named holdings including Atrandi Biosciences, Biomatter, Eneba, Ovoko (formerly RRR.lt), InSoil (formerly HeavyFinance), PVcase, Qminder, Sentante, Sintra, and historic exits via NanoAvionics and Trafi.
Practica Capital firmographics
Firmographics- Name
- Practica Capital
- Legal name
- UAB Practica Capital
- Website
- https://practica.vc
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Practica Capital is a Vilnius-based Baltic venture capital firm managing €130M+ across four funds, investing in pre-seed, seed, and Series A tech founders across Lithuania, Latvia, and Estonia with €300k–€3M tickets as the most active Baltic syndicate partner.
- Ownership category
- akta.pro rank
Practica Capital industry classification
Industry- Product category
- Venture Capital
- SIC
- Investors, Nec (6799)
- akta.pro primary industry
- Early-Stage Venture Capital (Pre-Seed/Seed) (FSANAAAA)
- akta.pro secondary industry
- Early-Stage Venture Capital (Series A/B) (FSANAAAB)
Keywords
Where Practica Capital is headquartered
LocationHeadquarters
- HQ city
- Vilnius
- HQ country
- Lithuania
- HQ region
- Europe
Offices3 records
Markets served
Practica Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Fund management fees (inferred): Standard VC fund revenue: recurring management fees charged on assets under management across its four funds (€130M+ AUM), typically drawn quarterly from limited partner commitments. Specific fee rates and structures are not publicly disclosed.
- Carried interest on exits (inferred): Performance-based share of profits from successful portfolio exits (e.g., partial exit of PVcase 2023, exit of NanoAvionics via AST&Science 2018, exit of UPA MCT 2022, acquisition of Trafi by Enghouse 2025). Standard VC fund economics with carried interest on realized gains above hurdle.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Standard VC fund structure with privately negotiated terms for LPs; portfolio investment tickets range €300k–€3M per company. |
Go-to-market motion4 records
Distribution channels4 records
Marketing channels6 records
Practica Capital product offering
Product offeringCore offering
Practica Capital operates four venture capital funds (€132M+ AUM) that invest exclusively in Baltic tech founders across pre-seed, seed, and selected Series A stages, with ticket sizes ranging from €300k to €3M per company. The firm functions as an active investor and company builder, providing capital alongside business development support, follow-on financing coordination, and ecosystem introductions to portfolio companies. Additionally, Practica Capital co-produces the annual Baltic Startup Funding Report with FIRSTPICK, a proprietary research dataset covering transaction-level data on more than 62% of all pre-seed and seed rounds in the Baltics.
Product overview
Practica Capital is an early-stage venture capital firm operating a multi-fund architecture rather than a single unified product. The core offering is the Practica Capital fund family — an actively managed portfolio of four venture capital funds (€132m+ AUM) backing Baltic founders across pre-seed, seed, and selected Series A stages. The most recent vehicle, IISUTIB Practica Venture Capital III KŪB (Practica Venture Capital III), is supported by the European Investment Fund and the EU InvestEU programme. Layered on top of the fund management offering, Practica Capital publishes the annual Baltic Startup Funding Report, a research sub-product that tracks pre-seed and seed funding flows across Lithuania, Latvia, and Estonia and is distributed as a downloadable PDF. Together, the Practica Capital core fund offering, the Practica Venture Capital III vehicle, and the Baltic Startup Funding Report form the firm's named product set, with the website (practica.vc) serving as the informational and deal-flow entry point rather than a software product.
Differentiator
Problem solved
Functional benefit
Products and services
- Practica Capital early-stage venture capital funds Multi-fund venture capital investment offering dedicated exclusively to backing Baltic tech founders across pre-seed, seed, and selected Series A stages, with €132m+ AUM across four funds, 70+ portfolio investments, and ticket sizes ranging from €300k minimum to €3M maximum per company.
- Practica Venture Capital III (IISUTIB Practica Venture Capital III KūB) The third Practica Capital fund vehicle (a limited partnership, KūB) backed by the European Investment Fund under the InvestEU and Baltic Innovation Fund (BIF 2) programs. The fund invests in early-stage Baltic tech ventures with support from the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania, and the EIF.
- Baltic Startup Funding Report Annual research publication co-authored with FIRSTPICK tracking early-stage (pre-seed and seed) funding across Lithuania, Latvia, and Estonia. Provides transaction-level data on more than 62% of all pre-seed and seed rounds in the region across a six-year window (741 rounds), covering funding trends, founder profiles, investor profiles, and exits. Distributed as a downloadable PDF.
Quantifiable outcome
- €130M+ AUM across 4 funds
- +4 more outcomes
Companies that use Practica Capital
Customer profileSegments5 records
Ideal customer profiles2 records
Practica Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Practica Capital partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered flagship - co-author of the baltic startup funding report, the most comprehensive annual report on early-stage baltic funding., co-author of past baltic startup funding reports (2019-2024)., strategic regional ecosystem partner - baltic tech conference for founder sourcing and brand visibility., strategic regional ecosystem partner - estonian tech conference., strategic regional ecosystem partner supporting lithuanian startup ecosystem., host of practica capital's headquarters office., public-sector ecosystem partner supporting lithuanian entrepreneurship., industry association membership - tomas andriuškevičius is a board member., european vc/pe industry association membership., global esg/responsible investment framework signatory., industry association / ecosystem partner., public-sector regulatory and ecosystem partner. and community / leadership program partner..
- FIRSTPICKflagship - co-author of the baltic startup funding report, the most comprehensive annual report on early-stage baltic funding.FIRSTPICK and Practica Capital jointly prepare the annual Baltic Startup Funding Report, drawing on market research and original data from interviews with founders. FIRSTPICK's Andra Bagdonaitė (partner) is quoted in the 2026 report. Change Ventures co-authored the report for the 2019-2024 period. The report covers companies in Lithuania, Latvia, and Estonia, plus startups with primary operations in the region but HQs elsewhere.
- Change Venturesco-author of past baltic startup funding reports (2019-2024).Change Ventures co-authored the Baltic Startup Funding Report with Practica Capital and FIRSTPICK for the 2019-2024 period, contributing transaction-level data on early-stage Baltic rounds.
- TechChillstrategic regional ecosystem partner - baltic tech conference for founder sourcing and brand visibility.TechChill logo featured on Practica Capital's website as a partner. Practica Capital has participated in TechChill 2019, 2020, and other editions as partner, sponsor, and speaker. TechChill serves as a key founder-sourcing and brand-building channel in the Baltic tech ecosystem.
- Latitude59strategic regional ecosystem partner - estonian tech conference.Latitude59 logo featured on Practica Capital's website as a partner. Practica Capital has participated in Latitude59 Investor Day to connect active investors in the Baltic countries and beyond (2018 edition). Latitude59 is one of the key Baltic tech conferences for founder sourcing.
- Startup Lithuaniastrategic regional ecosystem partner supporting lithuanian startup ecosystem.Startup Lithuania logo featured on Practica Capital's website as a partner. Supports Lithuanian startup ecosystem development and provides deal-sourcing pipeline for Practica Capital.
- Vilnius Tech Parkhost of practica capital's headquarters office.Vilnius Tech Park is the host location of Practica Capital's headquarters office (Antakalnio 17-2, Vilnius Tech Park). Vilnius Tech Park logo featured on Practica Capital's website as a partner.
- Versli Lietuva (Enterprise Lithuania)public-sector ecosystem partner supporting lithuanian entrepreneurship.Versli Lietuva logo featured on Practica Capital's website as a partner. State-owned non-profit agency under the Ministry of Economy and Innovation supporting Lithuanian entrepreneurship.
- Lithuanian Private Equity and Venture Capital Association (VCA / LTVCA)industry association membership - tomas andriuškevičius is a board member.VCA logo featured on Practica Capital's website as a partner. Practica Capital's Tomas Andriuškevičius is a board member of the Lithuanian PE & VC Association. Industry body supporting the Lithuanian VC/PE ecosystem.
- Invest Europeeuropean vc/pe industry association membership.Invest Europe logo featured on Practica Capital's website as a partner. Pan-European private capital industry association.
- United Nations Principles for Responsible Investment (UN PRI)global esg/responsible investment framework signatory.Practica Capital is a UN PRI signatory and publishes sustainability disclosures under EU Regulation 2019/2088, including Article 3 (sustainability risks), Article 4 (adverse impacts), and Article 5 (remuneration).
- ILTE (Investor Lithuanian Tech Ecosystem / Lithuanian Private Equity association)industry association / ecosystem partner.ILTE logo featured on Practica Capital's website as a partner. Lithuanian tech investor ecosystem body.
- Bank of Lithuania (LB)public-sector regulatory and ecosystem partner.Bank of Lithuania logo featured on Practica Capital's website as a partner. Lithuanian central bank and financial regulator. Practica Capital's portfolio company AMLYZE includes former Bank of Lithuania AML and financial market supervision leaders.
- Lithuanian Leaderscommunity / leadership program partner.Lithuanian Leaders logo featured on Practica Capital's website as a partner. Lithuanian diaspora/global leadership network.
Scale indicators10 records
Recent moves12 records
Expansion highlights6 records
Practica Capital competitors and assessment
Company assessmentDirect peers
- FIRSTPICK: FIRSTPICK is a Baltic-focused early-stage VC and Practica's direct co-author of the Baltic Startup Funding Report. The two firms operate in the same geography and stage focus (Baltic pre-seed/seed), and frequently co-invest (Handwave, Qminder). Most comparable peer given shared data product and identical mandate.
- Change Ventures: Change Ventures is a Baltic-focused pre-seed and seed fund. It was the third co-author of the Baltic Startup Funding Report for 2019-2024, indicating very close operational and data overlap with Practica Capital. Direct peer in mandate and stage focus.
- Karma Ventures: Karma Ventures is a Tallinn-based early-stage VC investing across the Baltics and Nordics. Co-led Sonarworks Series A with Practica and is a routine co-investor in Baltic rounds. Directly comparable in stage focus (seed/early) and overlapping portfolio.
- Inovo.vc: Inovo is a Poland-focused early-stage VC with growing Baltic activity. Co-invested with Practica in Sintra and Handwave, and is a routine syndicate partner in the region. Directly comparable as a Central European early-stage VC.
- Metaplanet: Metaplanet is Jaan Tallinn's Estonian early-stage fund. Frequent co-investor with Practica in Qminder, Atrandi Biosciences, and Biomatter. Direct peer in Baltic pre-seed/seed focus with comparable institutional founder backing.
- Black Pearls VC: Black Pearls VC is a Polish early-stage fund (formerly known as Black Pearls) with growing Baltic and Central European activity. Routine co-investor in Baltic rounds alongside Practica and other regional funds. Directly comparable in stage and geography.
- Superangel: Superangel is an Estonia-based early-stage VC focusing on Baltic and Nordic tech founders. Direct peer with similar ticket sizes, stage focus (seed), and Baltic geographic mandate. Operates in overlapping deal flow with Practica Capital.
Emerging players
- BADideas.fund: BADideas.fund is a Baltic angel syndicate that co-invested with Practica in Qminder. Smaller and more informal than Practica, but a relevant emerging peer in Baltic pre-seed/seed deal flow, particularly for syndicate-only positions.
Broad incumbents
- Earlybird Venture Capital: Earlybird is a major European early/growth-stage VC. Led Sintra's $17M seed round with Practica participation, signaling an incumbent international VC actively syndicating Baltic deals. Comparable as a higher-scale European early-stage investor with overlapping portfolio.
- Lux Capital: Lux Capital is a US-based deep tech VC. Led Atrandi Biosciences' $25M Series A with Practica participation. Comparable as a tier-one deep tech VC now actively participating in Baltic rounds, representing the international incumbent competition Practica faces at Series A.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Practica Capital social profiles
Digital presencePractica Capital compliance and trust
Trust signalCompliance3 records
Practica Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Practica Capital leadership team
Management profileNumber of profiles
Profiles6 records
Practica Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Practica Capital M&A and investment
M&A and investmentM&A
Investments109 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Practica Capital
What does Practica Capital do?
Practica Capital operates four venture capital funds (€132M+ AUM) that invest exclusively in Baltic tech founders across pre-seed, seed, and selected Series A stages, with ticket sizes ranging from €300k to €3M per company. The firm functions as an active investor and company builder, providing capital alongside business development support, follow-on financing coordination, and ecosystem introductions to portfolio companies. Additionally, Practica Capital co-produces the annual Baltic Startup Funding Report with FIRSTPICK, a proprietary research dataset covering transaction-level data on more than 62% of all pre-seed and seed rounds in the Baltics.
Is Practica Capital a public or private company?
Practica Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Practica Capital founded?
Practica Capital was founded in 2011. It employs 1 to 10 people.
Where is Practica Capital based?
Practica Capital is headquartered in Vilnius, Lithuania, in the Europe region.
How does Practica Capital make money?
Two revenue lines are on record. Fund management fees (inferred) is the primary driver. The others are carried interest on exits (inferred).
Who are Practica Capital's main competitors?
Direct peers on record are FIRSTPICK, Change Ventures, Karma Ventures, Inovo.vc, Metaplanet, Black Pearls VC and Superangel. BADideas.fund is listed as an emerging player. Broad incumbents are Earlybird Venture Capital and Lux Capital.
Does Practica Capital have an API?
No public API is recorded for Practica Capital.
What industry is Practica Capital in?
Practica Capital's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAA, Early-Stage Venture Capital (Pre-Seed/Seed), with a secondary code of FSANAAAB, Early-Stage Venture Capital (Series A/B). Its SIC code is 6799.