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CTO2B raises €1M
17 April 2024·2 min read

Joy Laoun

News Editor, Vestbee

Vilnius-based CTO2B raises €1M in a pre-seed round for its platform for cloud-based automated DevOps

Lithuanian CTO2B has raised €1 million in a pre-seed funding round led by Practica Capital, with participation from FIRSTPICK and several angel investors.

  • Founded in 2019 by Andrius Bagdonavičius and Aleksej Trofimov, CTO2B develops a platform that helps companies manage cloud service adoption and runtime operations. It provides automated DevOps solutions tailored to different cloud platforms. 
  • According to CTO2B, companies using automated tools for cloud hosting and DevOps can benefit by creating new projects with automated scripts in just a few minutes. These tools provide clear insights into application and underlying technology performance, while also helping businesses save up to 10 times on setup and maintenance costs compared to traditional methods. 
  • The funding was led by Practica Capital, a Lithuanian venture capital firm for Baltic startups with size tickets ranging between €300,000 and €3 million. It manages four funds with more than €130 million in AUM and has made over 60 investments. In February, Practica Captital closed its third and largest fund at €80 million.

“We're excited to be part of CTO2B's journey and look forward to seeing how they continue to innovate,” Practica Capital team, commented.

  • Vilnius-based FIRSTPICK is a venture capital firm that invests between €50,000 and €250,000 in startups specializing in fintech, SaaS, deeptech, and consumer marketplaces. It joined the round alongside with several angel investors. 
  • The investment will support CTO2B in further developing of its SaaS platform and market expansion. 

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