Sorainen has helped Lithuanian 3D model trading platform CGTrader attract USD 9.5 million in a Series B funding round from Mikael Hed, Evli Growth Partners, LVV Group, and Karma Ventures. Walless advised Mikael Hed and Evli Growth Partners and Cobalt advised Karma Ventures on the deal.
According to Sorainen, as a result of the investment, Hed, the former CEO of Rovio, has become Chairman of the Board at CGTrader.
Since its launch in 2011, The CGTrader platform has amassed approximately 3.5 million registered users, 1.1 million models, and about 380,000 customers. The company has 79 employees, and Sorainen report that the company’s team is set to double in size in 2021.
Sorainen’s team included Vilnius-based Partner Mantas Petkevicius, Senior Associate Vytautas Sabalys, and Counsel Indre Sceponiene.
The Walless team consisted of Managing Partner Dovile Burgiene, Senior Associates Arturas Grimaila, Guoda Sileikyte, Associate Gabriele Adomaviciute, and Junior Associate Migle Jeremiciute.
Cobalt’s team was led by Partner Kristel Raidla-Talur with the support of Senior Associates Greete-Kristiine Kuru and Sven Bottcher and Assistant Lawyer Johanna Lumiste.