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StartupHighway, the Lithuanian accelerator, has announced a basket of news as they’ve altered the deal that they’re offering to startups, are pushing back the application deadline for their next class, and have declared a new partnership with Vilnius-based venture fund Practica Capital.
StartupHighway previously offered teams €14,000 in exchange for 10% equity, but now says that they will offer the same amount of money and will take only 7.5% in return. With this announcement, they also tell us that they’ve extended the application period by two weeks, moving the deadline to April 15th. According to the terms of this new partnership with Practica Capital, each of the teams composing StartupHighway’s spring class will be eligible for a €30,000 convertible note.
Practica Capital was founded in 2011 by a group of entrepreneurs and financial professionals, but only began to really invest at the end of 2012. We’ve featured them a few times recently when they invested in money-transfer service TransferGo, in online 3D-art marketplace CGTrader, and in mobile-app Gifty. According to the announcement put out by StartupHighway, Practica Capital currently has investments in 5 startups. Practica Capital currently manages the €6 million Practica Seed Fund and the Practica Venture Capital Fund (targeted size of €15.7 million). This funding comes from the European Investment Fund (EIF) and is the result of an agreement reached in July 2012 between Practica Capital and the local JEREMIE initiative.
The primary success stories from StartupHighway thus far are Sellfy, Relead, and Llamas Valley. Sellfy managed to secure angel investment in summer 2012 from 2 Skype alumni, Relead obtained investment in 2012 from British angel investor James Walsh, and Llamas Valley obtained angel investment from a Lithuanian investor in early 2012.
Just recently, we did a story on a post by Eddy Balcikonis about the flurry of recent activity in this Baltic country. This partnership is really encouraging, as we’ve been able to post news from StartupHighway and Practica Capital, but have yet to see what they will be able to do while working in collaboration. This seems like a natural fit, so we look forward to seeing what they will come up with in the coming years.
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