Open Circle Capital

What Open Circle Capital does

Open Circle Capital is a privately held, early-stage venture capital fund founded in 2017 and headquartered in Vilnius, Lithuania. The firm invests in technology startups across three core verticals: ICT (SaaS, marketplaces, apps, infrastructure), Robotics (logistics, warehousing, consumer electronics, industry 4.0 components, actuators, drone components), and High-tech (med-tech, optics, life-sciences, chemical innovations). It targets product-building companies at or just after first revenues, with a strong preference for serial entrepreneurs and teams ready to scale internationally.

The firm operates a syndicated investment model, typically deploying €100,000–€500,000 initially and following on across 4–5 rounds for total exposure of up to €3 million per portfolio company. It does not claim ownership-majority stakes and supports portfolio companies on team building, business decisions, growth, technology transfer, and follow-on fundraising. The firm's core structural advantage is its co-founding role in the Lithuanian Business Angels Network (LITBAN), a 250+ member community that contributes roughly €10M annually into Baltic startups and serves as a deal-sourcing and co-investment engine.

Open Circle Capital closed its first €20 million fund in 2017 anchored by the Lithuanian government via INVEGA and corporate LPs, and is currently raising a second fund (Open Circle Capital II) with a €60 million target to expand activity across the Baltics and selective Nordics and Central/Eastern European markets. Across its portfolio of 16 companies, the firm has executed 45 investment rounds and portfolio companies have collectively raised approximately €36 million, of which roughly 60% came from co-investors including Aker Capital, Novo, Epidarex Capital/Eli Lilly, Inventure, and Litcapital.

Name

Open Circle Capital

Legal name

Open Circle Capital Fund

Website

https://opencirclecapital.lt

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Open Circle Capital is a Vilnius-based, early-stage venture capital fund founded in 2017 that invests €100K–€500K initially in ICT, robotics, and high-tech startups across the Baltics, Nordics, and CEE, supported by a syndicated co-investment network and its co-founded LITBAN angel community.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Venture Capital Fund-of-Funds (FSANAGAC)

Keywords

• Venture capital fund
• Seed stage investing
• Early-stage technology
• ICT startups
• Startup equity funding

Headquarters

HQ city

Vilnius

HQ country

Lithuania

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. VC Fund Management: Open Circle Capital generates returns through successful portfolio company exits. They invest €100K-500K initially with potential for €3M total across 4-5 investment rounds per company. Revenue comes from management fees and carry/performance fees on successful exits.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Open Circle Capital is an early-stage venture capital fund that invests equity (€100K–€500K initially, up to €3M total across multiple rounds) in ICT, robotics, and high-tech startups in the Baltics, Nordics, and CEE. The fund also provides portfolio companies with operational support covering team building, business decisions, growth, technology transfer, and follow-on fundraising.

Product overview

Open Circle Capital is an early-stage technology venture capital firm. It does not offer a product/platform as a tech company; rather, its core offering is venture capital investment and portfolio company support services.

Differentiator

Problem solved

Functional benefit

Products and services

• Open Circle Capital Fund (Fund I)

Quantifiable outcome

• Portfolio companies raised ~€36M total, with 60% from co-investors
• +3 more outcomes

Named customers16 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core and minor.

• Lithuanian Business Angels Network (LITBAN)coreStrategic or Co-development Partner · 1 January 2017OCC is co-founder of LITBAN which has 250+ members and contributes approximately €10M annually as investments into startups. This is a major source of early-stage deal flow for OCC.
• Baltic Sandbox VenturesminorStrategic or Co-development PartnerPartner collaboration with Baltic Sandbox Ventures. OCC Partner Audrius Milukas participated in joint interview with Baltic Sandbox Ventures on VC fund creation.
• Underline VenturesminorStrategic or Co-development PartnerPartner collaboration with Underline Ventures. OCC Partner Audrius Milukas participated in joint interview with Underline Ventures on VC fund creation.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Practica Capital: Lithuania-based early-stage venture capital fund investing in Baltic startups. Highly comparable to OCC given shared Lithuanian geography, similar ticket sizes, and overlapping ICT/tech focus, making it the most direct head-to-head competitor in Vilnius.
• Firstpick: Lithuanian-origin early-stage VC focused on Baltic and European tech startups. Comparable in stage focus (seed/early), geographic orientation (Baltics + broader Europe), and sector overlap (B2B SaaS, fintech, marketplaces), competing for similar founders and deals.
• Iron Wolf Capital: Lithuanian venture capital fund investing in early-stage technology companies across the Baltic region. Directly comparable in stage, ticket size, geography, and sector focus — both pursue ICT and high-tech founders in the same Lithuanian startup ecosystem.
• Superangel: Estonia-based early-stage VC fund focused on Baltic and European tech startups. Comparable in seed-stage focus, Baltic geographic orientation, and B2B software/tech sector specialization, frequently competing for the same cross-border Baltic deal flow.
• Tera Ventures: Estonian early-stage VC investing in B2B software and deeptech startups across the Baltics and broader Europe. Directly comparable in stage, sector focus (B2B SaaS, AI/ML), and regional orientation, often co-investing or competing for same founders.
• Karma Ventures: Baltic-focused seed/early-stage VC fund investing in technology startups. Comparable in geographic focus (Baltics), stage, and ticket size, serving as a key regional peer for syndication or competition in the same deal pipeline.
• Change Ventures: Seed-stage VC fund focused on Baltic startups with a community-driven model similar to OCC's LITBAN approach. Comparable in stage, geography, sector (B2B SaaS, fintech), and reliance on angel network deal sourcing in the Baltic startup ecosystem.

Regional players

• BaltCap: Largest dedicated private equity and venture capital investor in the Baltic region. Overlaps with OCC's Baltic geographic focus but operates at larger fund sizes and later stages; serves as both potential co-investor and competitor for growth-stage follow-ons.

Broad incumbents

• Speedinvest: Vienna-based European early-stage VC with growing presence in CEE. Comparable in stage focus (seed/early) and B2B software/fintech sector overlap, but operates much larger funds across more geographies — competes for top CEE talent and deals.
• Earlybird: One of Europe's largest early-stage VCs with deep CEE/German roots and digital/tech sector expertise. Comparable in tech sector focus and European stage orientation, but operates at significantly larger fund sizes and broader geographic scope than OCC.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/OCCapital
• LinkedInlinkedin.com/company/open-circle-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments34 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Open Circle Capital