Smartphone app Gifty seals investment deal with Practica Capital

Lithuania's smartphone application project Gifty has sealed an investment deal with fund management company Practica  Capital.

The Lithuanian company had completed the talks and signed the agreement with the investor, Gintaras Gimžauskas, a representative of Gifty, told BNS without disclosing the sum of investments.

Cooperation between Gifty and Practica Capital should continue for five years, Ilya Polivanovas, Gifty CEO, said in a press release adding that the company would seek to consolidate its positions in Lithuania and enter foreign markets during the period.

“We knew that we would not be able to pursue ambitious goals or implement new ideas without additional financing. So we worked hard in order to attract the investment. Thanks to Practica Capital, we will soon be able to roll out our services both to private and corporate users,” he said.

The rollout of the company’s service in Lithuania should be completed in the first half of this year, Polivanovas said adding that afterwards, the company would seek to enter markets in other countries.

In November 2012, the company unveiled its smartphone application Gifty,  which, according to its developers, is a unique solution for the remote offering of various gifts.

The European Investment Fund (EIF) and Practica Capital, the Lithuanian venture capital company, last year set up two venture capital funds, including  Practica Seed Capital, worth 6 million euros, and Practica Venture Capital,  worth 15.7 million euros. Both funds make investments in Lithuania’s SMEs and both are managed by a team of Practica Capital’s managers.


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