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Deal 5: Open Circle Capital Partner William Cardwell on Investment in Monimoto

Deal 5: Open Circle Capital Partner William Cardwell on Investment in Monimoto

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On January 28, 2021, CEE Legal Matters reported that Sorainen has advised Open Circle Capital on its investment in Monimoto, a company developing smart trackers for motorcycles. CEEIHM spoke with William Cardwell, Partner at Open Circle Capital, to learn more about the matter.

CEEIHM: Tell us a bit about Open Circle Capital. When was your fund established, how is it structured, and in which areas does it primarily invest?

William: The fund was established in 2016, and has EUR 20 million in capital. It is structured as a Lithuanian Limited Partnership. We invest in product-oriented companies who generally have earned their first revenues and have strong potential for international growth.

CEEIHM: It was reported that Open Circle Capital recently invested in Monimoto. What attracted your fund to invest in this particular company?

William: We basically value strong management teams, large markets, and demonstrated traction. Monimoto exceeded all of our expectations on these factors. Once we got to know the team, it was clear to us that they had a great plan and had excellent insight into the market.

CEEIHM: What plans does your fund have in store for Monimoto, now that this transaction is done?

William: Open Circle has strong networks in Europe and the US. We are seeking to make introductions and help them with their go-to-market plans in particular in the US, where they are starting to grow rapidly.

CEEIHM: Sorainen advised Open Circle Capital on this deal. Could you tell us how your fund and the firm divided the legal work and what were some of the complexities of this deal?

William: Sorainen was instrumental in finalizing the documentation from our end. There were some complexities due to the fact that a crowd-funding campaign in the UK was going on simultaneously, and Sorainen provided valuable guidance.

CEEIHM: What were some of the reasons which made you choose Sorainen as your advisor? How will your cooperation with the firm progress from here?

William: First and foremost, we have worked with Sorainen on a number of deals and trust them, so there was no question who we would use for a deal where the core company was in Lithuania but where there were international elements like the crowd-funding campaign.

Originally reported by CEE In-House Matters.

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