Open Circle Capital

Investment decisions are led by the four named partners: Audrius Milukas (CEO), Jens Kristian Damsgaard, Rokas Tamosiunas, and William Cardwell. The firm advises prospective founders to reach an individual partner directly for the most relevant conversation.

Lithuania's public institutions are a major stakeholder in the fund, but the firm states explicitly that its investments are not limited by de minimis aid amounts. This means portfolio companies remain compatible with other state and EU support mechanisms, a structural distinction from many government-co-funded VC vehicles.

The firm is happy with both roles. It prefers syndicated rounds and actively helps its companies involve further investors. It will take the lead when needed but will also follow if another investor is more active.

While the firm does not publish an explicit exclusion list, its stated focus is strictly ICT, robotics, and high-tech. Sectors outside those three categories — including consumer brands, traditional manufacturing without a hardware-tech component, or non-tech services — appear absent from its portfolio and investment language.

It aims to invest a total of €3 million per company over 4–5 rounds, with initial investments typically in the €100,000–€500,000 range. The firm actively assists portfolio companies in raising additional capital from co-investors at every round.