How many investments has Open Circle Capital made?

Open Circle Capital has 6 tracked investments.

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 · 7 people tracked

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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.

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Stage

Seed–Series A

Check

$108K – $540K

Vilnius, LT

Leads rounds

Leads

Instruments

Equity

Tracked investments

Team · 7 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.

am@opencirclecapital.lt

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.

jkd@opencirclecapital.lt

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

Rokas Tamošiūnas· Partner· Europein

Cross-border M&A specialist connecting transatlantic capital with NATO-aligned markets, driving European sourcing, diligence, and partnerships.

William 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.

will@couragevc.com

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 5 of 6 portfolio companies

Marketing Tech ×3AdTech ×2AI & Machine Learning ×2SaaS ×2Creator Economy ×1Data & Infrastructure ×1Direct to Consumer ×1Energy ×1

HQs:Canada×1

Investments · 6 tracked

founders shown can be your intro path

Billobillo.app in 𝕏Feb 2021✓ 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)inTadas Deksnys(Founder)in

Co-investorsPractica Capital Craft Ventures SOSV

Attentionattentioninsight.com in 𝕏

Attention Insight provides a platform that analyzes design visual appeal through attention heatmaps and clarity scoring to help designers identify and improve how user attention is distributed across visual elements.

AdTechMarketing Tech

Co-investorsCoinvest Capital Movens Capital Alven RTP Global

Eddy Travelseddytravels.com in 𝕏

Eddy Travels is an AI-powered chatbot that helps users find flight and accommodation offers across multiple travel platforms using natural language processing.

AI & Machine LearningTravel & HospitalityToronto, CA

Edmundas Balcikonis(Co-Founder & CEO)in Pranas Kiziela(Co-Founder & CTO)in Adomas Baltagalvis(Co-Founder & CMO)in

Co-investorsTechstars Practica Capital

Frontufrontu.com in 𝕏

Frontu is field service management (FSM) software that lets companies manage on-site and off-site technicians in real time, log task statuses, automate recurring administrative procedures, and handle equipment, digital signatures, and customer surveys.

EnergyEnterprise SoftwareSaaS

Arūnas Eitutis(Founder & CEO)in

Co-investorsLT Capital

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

Andrius Malinauskas(Founder)Justas Malinauskas(Founder)Tomas Malinauskas(Founder)

Co-investorsInventure Inventure Rockstart

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Meet Us

Frequently asked questions

How many investments has Open Circle Capital made?: Open Circle Capital has 6 tracked investments.
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 global startup accelerator and early-stage investor that funds and mentors ambitious founders, providing $220K in capital, a three-month program, and access to a worldwide network of mentors, investors, and corporate partners.

Both backed · 1

Eddy Travels

$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 focused on Europe and Israel, known as an early backer of several unicorns including Skype, Wix, and Flo Health.

$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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