Investors in Latvia

FlyCap is a private equity fund that provides growth capital for Latvia and Europe based SME’s in form of investments in equity and mezzanine capital. FlyCap manages two funds: - "FlyCap Investment Fund I” launched in August 2013 with the total fund size of 15.75 MEUR. The Investment period of the Fund has expired. - "FlyCap Mezzanine Fund II"​ launched in September 2019. The Fund is open for new investment opportunities! Find more information on our homepage.

Companies operating in the asset management group Invalda INVL (Invalda INVL Group) manage pension, bond and equity funds, alternative investments, individual portfolios, private equity and private debt instruments. Invalda INVL Group currently serves more than 200,000 customers in Lithuania and Latvia, as well as international investors. Total assets under management - more than 1 billion euros.

JSC Rietumu Banka is one of the largest banks in the Baltics States, specialized in corporate banking and affluent individuals. Headquartered in Riga, Latvia, the Bank is well represented in the global market, providing services to customers all over Europe, the Baltic States, Russia, Ukraine, Belarus, Kazakhstan, Romania, Armenia, and other regions.

Our roots are firmly planted in the history of Sweden’s savings banks, the cooperative agricultural bank tradition and Hansabank’s leading role in the Baltic countries. We serve everyone, from customers with basic needs to those who require advanced banking services. We work to develop close relationships with our about 7.3 million private customers and about 615,000 corporate customers.

We are experienced tech entrepreneurs that founded a new technology investment fund in 2010. Our passion is to help fast growing internet and mobile startups to scale and expand globally. Social media, content sharing, communications and crowd sourcing are our favorite areas of investment.

SG Capital Partners AIFP (SG Capital) is Baltic commercial real estate investment manager with a focus on investment sustainability. Our clients are some of the largest institutional investors (pension funds, financial institutions) in the region.SG Capital was established in 2016 and is owned by the founding partners . Team’s prior experience is based on the work at Ektornet (distressed real estate manager at Swedbank Group) and Swedbank Investment Management in Latvia.The company currently manages SG Capital Partners Fund I.SG Capital Partners AIFP is registered as Alternative Investment Manager and is supervised by Latvian Financial and Capital Markets Commission.

ZGI Capital is one of the most experienced venture capital firms in the Baltics that started its operations in 2005. The investment period has been concluded for three generations of funds: ZGI-1, ZGI-2, ZGI-3 and now we are building the next-generation venture capital fund ZGI-4. ZGI Capital has won VC & PE sector awards for four consecutive years: in 2014., 2015., 2016, and 2017. ZGI Capital is registered in the Financial and Capital Market Commission as an alternative investment fund manager.

Invalda INVL is one of the leading asset management groups in the Baltic region, operating since 1991. Companies in the asset management group Invalda INVL (Invalda INVL Group) manage pension, bond and equity funds, alternative investments, individual portfolios, private equity and other financial instruments. Invalda INVL Group companies serves more than 250,000 clients in Lithuania and Latvia, plus international investors, with total assets under management of 1,4 billion euros. Established in 1991, Invalda INVL together with local and international investment partners has completed numerous M&A deals and capital-raising transactions worth more than 1.5 billion euros overall. The group is recognized for having contributed significantly to development of the local capital market. The shares of Invalda INVL have traded on the Nasdaq Baltic Market since 1995.

Nestholma Oy is an accelerator specializing in investments in and innovations in the imaging sector startups, incubation, idea stage and pre-commercial phase companies. The firm focuses on mentoring, funding, and product development. It targets connecting startups and bigger companies. It prefers to invest in financial institution, financial consolidation and reporting software, banks and insurance companies. Each program is run with a partner company and is for a three month period. The firm targets start ups around the world, but focuses on UK, Sweden, Norway, Italy, Iceland, Germany, Finland, Denmark, Russia, Lithuania, Latvia, Estonia, Nordic, and Baltic countries. It prefers to make equity investments of € 0.10 million ($0.10 million) to € 0.15 million ($0. 15 million). Nestholma Oy is based in Helsinki, Finland.

Outlast Fund is a venture capital firm specializing in early stage, pre-seed and seed-stage startups. The firm is industry agnostic with a focus on B2B, software SaaS, fintech, cybersecurity and e-commerce. It invests in the Baltics and Nordics region. It invests in equity up to €0.25 million ($0.29 million) in pre-seed rounds and up to €1.5 million ($1.74 million) in seed rounds. Outlast Fund is based in Riga, Latvia with additional office in Stockholm, Sweden.

Ayr Financial is a private equity and venture capital firm specializing in growth capital, early venture, mezzanine financing, consolidation, venture debt, distressed, and expansion investments. the firm also invests in venture capital funds and real estate funds. The firm typically invests in FMCG, energy, real estate, infrastructure, agriculture, business services, manufacturing, and banking sectors. It primarily invests in the CIS region, united states of America, as well as in Eastern and Western Europe with a focus on United Kingdom, Spain, Germany, Austria, Latvia, Lithuania, Belarus, and Russia. It also provides financial advisory services. the firm invests through its own personal capital. Ayr Financial was founded in 2014 and is based in Moscow, Russia.

BADideas.fund is an early-stage venture capital fund and community of 250+ unicorn builders and operators investing in B2B and marketplace startups across the Baltics and Central and Eastern Europe.

SMOK Ventures invests in early stage startups in Central and Eastern Europe. Our key geography is Poland, but we’ve invested in founders from all over the CEE region: Poland, Ukraine, Belarus, Serbia, Bulgaria, Croatia, Latvia, Bosnia and Czechia.We prefer to invest in Delaware C-Corp companies with a significant business or workforce in the CEE. We are happy to invest directly in any CEE country that is part of the European Union as well. So far out of 37 investments, 18 are headquartered in Poland, 12 are Delaware C-Corps, 2 are in Estonia and 5 are in other CEE countries.We are not interested in startups without a significant connection to CEE, i.e. no workforce in CEE, none of the founders is of CEE-origin, and startup is not based in CEE.Working with an investor is a long-term partnership. We need to be sure we will be able to communicate, help each other out and build awesome things together.

Specialist VC is a venture capital firm specializing in early stage, pre-seed to series A investments. The firm invests in all sectors but focus on B2B, SaaS, fintech, platforms, software enabled hardware and deep tech. The firm seeks to invest across Estonia, Latvia, Lithuania, Ukraine, and Finland. It invests €0.25 million ($0.29 million) and €3 million ($3.49 million). Specialist VC was founded in 2017 and is based in Tallinn, Estonia.

startup300 AG is a venture capital firm conceived as a business angel network specializing in start-up, seed and growth capital investments. The firm seeks to take minority stakes and invests in the technology sector. The firm prefers to invest in Germany, Austria and Switzerland as well as the CEE countries (Albania, Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania, Slovakia, Slovenia, Estonia, Latvia and Lithuania). The firm invests between €0.05 million ($0.06 million) and €0.5 million ($0.57 million) in their early stage program and more than €1 million ($1.13 million) in their growth stage program. startup300 AG was founded in 2015 and is headquartered in Linz, Austria.

Bulba Ventures is a venture capital firm specializing in startup and early stage investments. The firm focuses on Belarusian and ready-to relocate to Minsk startups with a strong competitive edge and technical excellence. It concentrates on machine learning startups at the intersection of real economy and IT, health and life science. The firm invests Belarus, Latvia, Lithuania, Ukraine, Russia, Poland regions. Bulba Ventures was founded in march 2018 and is based in Limassol, Cyprus.

Cogito Capital Partners is Venture capital firm specializing in early stage, emerging growth, late venture & growth capital investments. The firm typically invest in growth of B2B technology companies with investments at series B&C, particularly in enterprise software, fintech, healthcare/healthtech, insurtech, and mobility. The firm seeks to invest in European market with focus on Austria, Belgium, Germany, Luxembourg, Netherlands, Switzerland, Bulgaria, Croatia, Czech Republic, Estonia, Hungry, Latvia, Lithuania, Poland, Romania, Serbia, Slovakia, Slovenia, Ukraine and in the United States. It prefers to invest equity between €2.53 million ($2.75 million) and €15 million ($15.62 million). It acquires minority stakes in its portfolio companies. Cogito Capital Partners was formed in 2018 and is based in Warsaw, Poland with additional offices in Luxembourg, Luxembourg and New York, New York.

Gecad Ventures is a venture capital firm specializing in seed/startup, early stage, expansion phase, and growth capital. It seeks to invest in software and hi-tech companies, including security software, FinTech, cyber security, artificial intelligence, machine learning, virtual reality, augmented reality, IoT, agri-tech, online financial services, financial software, cloud technologies, e-commerce, crypto currencies and payment methods. The firm invests in the Central and Eastern Europe region that includes Romania, Bulgaria, Hungary, Croatia, Serbia, Slovenia, Poland, Czech Republic, Slovakia, Estonia, Lithuania, Latvia, Greece, Montenegro, Bosnia and Herzegovina. The firm typically invests between $1 million and $8 million in equity. It makes balanced sheet and personal capital investments. Gecad Ventures, formerly known as Gecad Group, was founded in 1992 and is based in Bucharest, Romania.

Change Ventures is a venture capital fund that backs ambitious Baltic founders at pre-seed and seed stages. They focus on local Baltic founders in Estonia, Latvia, or Lithuania, as well as Baltic diaspora globally, aiming to support companies building global-scale businesses.

Gorilla Capital is a Nordic institutional super angel firm that focuses on backing ambitious yet resilient startups, referred to as "camels." Their investment strategy emphasizes a rational approach to , aiming for market returns by investing in a high number of companies. The team comprises experienced entrepreneurs who have founded companies and achieved multiple exits, providing both financing and professional support to founders. They operate across the Nordic and Baltic regions, including Finland, Sweden, Denmark, Estonia, Latvia, and Lithuania.

Livonia Partners is a private equity firm investing in successful companies in the Baltic region and beyond. They focus on businesses with strong growth potential and a commitment to sustainable ESG strategies, often taking majority stakes.

Oktogon Ventures is venture capital firm specializing in seed/startups, early ventures, bridge financing transactions and growth capital investments. The firm seek to invest in e-commerce software, devops, IT security industries. It seeks to invest in central and eastern Europe, particularly in Bulgaria, Croatia, Romania, Slovenia, Czech Republic, Hungary, Poland, Slovakia, Estonia, Latvia, Tithuania regions. It make investment between 150k ($0.15 million) and $1.5 million. Oktogon Ventures was founded in 2019 and is based in Budapest, Hungary.

Zabolis Partners is a venture capital, venture debt, private equity, and real estate investment firm. It specializes in growth capital investments, bridge financing, middle market, PIPEs, mezzanine financing, distressed/vulture investments industry consolidations, recapitalizations, and buyouts. The firm seeks to invest in incubation, seed/startup, early venture, turnaround, and emerging growth stages. It typically makes private equity investments in retail, real estate, energy generation, ed-tech, clean-tech, digital transformation, urban development, financial services and intermediaries, retail operations, Semiconductor industries, sustainable energy, and renewable energy generation, e-commerce and financial technology sectors. The firm seeks to make real estate investments in retail properties and large single-tenant and power centre properties. It prefers to invest in the Baltic Region and Eastern Europe. The firm invests between $0.125 million and $30 million. Zabolis Partners was founded in 2002 and is based in Vilnius, Lithuania with additional offices in Riga, Latvia; Minsk, Belarus; London, United Kingdom; and Kaunas, Lithuania.

Expansion Capital AIFM seeks investments from EUR 150,000 to EUR 2,100,000 in Latvian companies with a fund holding of between 10% and 49%. We are also considering the possibility of providing mezzanine financing in cases where bank financing is not available.We prefer ideas, projects and export-oriented companies that do not depend on domestic consumption and have high growth potential.

Overkill Ventures is a Nordics based angel fund that invests in pre-seed b2b software startups across CEE and Nordics. We invest as early as angel investors do, however, have the resources, know-how and network to help startups get to product-market fit and scale from there.