Sorainen has advised Lithuanian venture capital fund Open Circle Capital on investing in the Billo community marketing platform.
Billo raised EUR 2 million in the seed funding round. According to Sorainen, “among other investors in the company in this round was venture capital fund Practica Capital, as well as angel investors who have themselves developed successful startups – Mantas Mikuckas, COO at Vinted; Andrius Slimas and Tomas Slimas, founders of Oberlo; Andrius Baranauskas, Product development director at Shopify.”
Billo connects businesses to a community of video content creators. According to the firm, “Billo, which has been operating in the US since 2020, has around 10,000 customers and expects to exceed EUR 3 million turnover this year. The new investment will be used for expansion in the US market: increasing its market share, improving the platform, and hiring new employees.”
Sorainen has already advised Open Circle on its previous investment in Billo's pre-seed round, last year (as reported by CEE Legal Matters on June 8, 2020).
Sorainen’s team included Partner Mantas Petkevicius and Senior Associate Mindaugas Baniulis.
The firm did not reply to our inquiry on the matter.
Editor's Note: After this article was published, CEE Legal Matters learned that Cobalt advised Practica Capital on co-leading the EUR 2 million seed round. The firm's team included Partners Akvile Bosaite and Eva Suduiko.