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 · 3 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 SaaSEuropeLithuaniaVilnius

Source: firm website, verified Aug 16, 2026.

Stage

Seed–Series A

Check

$108K – $540K

Vilnius, LT

Leads rounds

Leads

Instruments

Equity

Tracked investments

Team · 3 people

from the firm's website & public directories

Audrius Milukas· Fund Partnerin

Fund partner at Open Circle Capital who contributed to Sifted's list of defence startups to watch.

a•••@opencirclecapital.ltreveal

Jens Kristian Damsgaard· Partner· Denmark

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.

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

Investments · 2 tracked

founders shown can be your intro path

Frontu

Meet Usgoogle.lt

Co-investorsFirstpick

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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