What stage does Open Circle Capital invest at?

Open Circle Capital invests at the Seed, Series A stages.

What is Open Circle Capital's typical check size?

Open Circle Capital typically writes checks of $108K – $540K.

Where is Open Circle Capital located?

Open Circle Capital is headquartered in Vilnius, LT.

Does Open Circle Capital lead rounds?

Yes, Open Circle Capital leads investment rounds.

Open Circle Capital

Venture capital

Vilnius · Seed–Series A · 8 people tracked

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Find your way into Open Circle Capital

1,211 people in our graph share verified history with the Open Circle Capital team — schools, employers, funds. One of them is your warm intro.

Patrickunlockedknows Audrius Milukas · together at Nordea (overlapped)

knows the team · via London Business School

knows the team · via INSEAD

knows the team · via University of Calgary

×3knows the team · via Cambridge Judge Business School

×2knows the team · via SDA Bocconi

✨ Fox Verdict

Investment thesis

Open Circle Capital targets high-potential, fast-growth technology companies across three broad domains: ICT (SaaS, marketplaces, apps, infrastructure), robotics (gadgets, logistics and warehousing, consumer electronics, Industry 4.0 components, actuators, drone components), and high-tech (med-tech, optics, life sciences, chemical and broader innovations). It prefers to engage companies shortly after their first revenues and favors teams led by serial entrepreneurs with growth, fundraising and exit experience. The firm typically makes a smaller initial investment and follows successful companies over several years, actively helping them attract co-investors. It supports portfolio companies with team building, business decisions, growth, technology transfer and fundraising, and will either lead or follow rounds, preferring syndicated deals.

Invests inConsumer Deep Tech Hardware IoT Logistics & Supply Chain Marketplaces Medical Devices New Materials Robotics SaaS Europe Lithuania Vilnius

Source: firm website, verified Aug 16, 2026.

Stage

Seed–Series A

Check

$108K – $540K

Vilnius, LT

Leads rounds

Leads

Instruments

Equity

Tracked investments

Team · 8 people

from the firm's website & curated & public directories

Audrius Milukas· Partner, CEOin

Audrius Milukas has over 15 years of experience in banking, financial analysis, corporate finance, risk management, and investments. He previously served as Head of Region at Nordea bank's Lithuania branch overseeing mid-size corporate business, and earlier worked as a Senior Project Manager managing key corporate customers in the Baltics and Poland. He co-founded the fintech lending business SME Finance and holds BSc and MSc degrees from Vilnius University, an Executive MBA from Baltic Management Institute, and further education at Frankfurt Technical University and London Business School.

a•••@opencirclecapital.ltreveal

Jens Kristian Damsgaard· Partner· Denmarkin

Danish partner at Open Circle Capital with a career in technology commercialization, spanning tech transfer at research organizations, entrepreneurship, and corporate venture. He has out-licensed 75+ technologies to firms such as Toyota, GSK, Honeywell and Siemens, managed 25+ early-stage investments, and advised public bodies including the European Commission. He holds degrees from the University of Southern Denmark and executive certificates from MIT and INSEAD.

j•••@opencirclecapital.ltreveal

Audrius Milukas· Partner | CEO of Venture Capital Fund· Lithuaniain

Founder-banker-VC with co-founding experience at SME Bank and the Lithuanian Business Angel Network, applying an operator-banker-investor lens to regulation, capital structures, and product design for Baltic–Nordic SMEs and fintechs.

a•••@superherocapital.comreveal

Richard Rocha· Partner | CEO of Venture Capital Fund· Greater Calgary Metropolitan Areain

Richard Rocha is the Founder and Chairman of the Board at SME Bank, a role he has held for over six years, and a Partner at Superhero Capital, where he focuses on venture capital, business strategy, and investments in early-stage startups across the Nordics and Baltics. He co-founded SME Finance and serves as a board member at Whatagraph.

Rokas Tamošiūnas· Partner· Europein

Cross-border M&A specialist connecting transatlantic capital with NATO-aligned markets across defense, energy, and frontier tech. Drives European sourcing, diligence, and partnerships at Outpost Ventures.

Will Cardwell· Partner· Helsinki, Uusimaa, Finlandin 𝕏

Will Cardwell is a partner at venture capital funds Courage Ventures in Finland and Open Circle Capital in Lithuania, and serves as a Professor of Practice at UNC Kenan-Flagler Business School. He previously founded and directed the Aalto Center for Entrepreneurship and managed Technopolis Ventures, Finland's largest technology incubator. His background includes roles as a venture capitalist, investment banker, startup CEO, and researcher across Finnish and European technology sectors over more than 15 years.

w•••@couragevc.comreveal

Jonas Čiutelė· Associate· Vilnius, Vilniaus, Lithuaniain

Venture capital and equity markets analyst who evaluates startups and early-stage opportunities, has published investment analyses internationally, and led the VDU Investment Club. Holds bachelor's and master's degrees from Vytautas Magnus University.

Ralfas Romeika· Associate· Vilniusin

Vilnius-based associate with an MSc in Finance and two years of VC experience, focused on sourcing across the Baltic startup scene.

What they invest in

from 2 of 4 portfolio companies

Marketing Tech ×2AdTech ×1AI & Machine Learning ×1Creator Economy ×1Data & Infrastructure ×1Direct to Consumer ×1SaaS ×1

Investments · 4 tracked

founders shown can be your intro path

Billobillo.app in 𝕏✓ verified

Billo is a platform that enables brands to create high-performing video ads by pairing creator content with performance data insights.

AdTechCreator EconomyDirect to ConsumerMarketing Tech

Donatas Smailys(CEO)

Co-investorsPractica Capital

Frontu

Meet Usgoogle.lt

Co-investorsFirstpick

Whatagraphwhatagraph.com in 𝕏

Whatagraph is a marketing intelligence platform that uses AI to connect, clean, organize, and visualize marketing data and generate insights and reports.

AI & Machine LearningData & InfrastructureMarketing TechSaaS

Co-investorsInventure Rockstart

Portfolio news

latest coverage across their companies

Whatagraph Review 2026: Better Alternatives for Agencies

Whatagraph · dashthis.com · Jul 11, 2026

Frequently asked questions

What stage does Open Circle Capital invest at?: Open Circle Capital invests at the Seed, Series A stages.
What is Open Circle Capital's typical check size?: Open Circle Capital typically writes checks of $108K – $540K.
What sectors does Open Circle Capital focus on?: Open Circle Capital focuses on Consumer, Deep Tech, Hardware, IoT, Logistics & Supply Chain, Marketplaces, Medical Devices, New Materials, Robotics, SaaS.
Where is Open Circle Capital located?: Open Circle Capital is headquartered in Vilnius, LT.
Does Open Circle Capital lead rounds?: Yes, Open Circle Capital leads investment rounds.

Co-investors · 3

Techstars

Techstars is a startup accelerator and early-stage investor that funds ambitious founders and provides capital, mentorship, and access to a global network of investors, operators, and corporate partners.

$220K

Anorak Ventures

Anorak Ventures is a seed-stage venture firm founded in 2016 with offices in Los Angeles and San Francisco, backing pre-seed and seed companies building differentiated technology and helping them reach product-market fit and follow-on funding.

$25K – $400K

Mangrove Capital Partners

Mangrove Capital Partners is a venture capital firm investing in early-stage technology companies, having been an early backer of eight unicorns including Skype, Wix, Flo Health and WalkMe.

$540K – $5.4M

Firms observed investing alongside Open Circle Capital, from public investor directories. Shared companies are the overlap with Open Circle Capital's recorded portfolio.

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