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top venture capital funds in latvia
18 November 2020·9 min read

Konrad Koncerewicz

Head of VC & Startups, Vestbee

Top VC Funds In Latvia To Finance Your Startup

*The list was updated in 2023.* 

Central and Eastern Europe was perceived as the hottest startup hub in Europe, attracting local and global investors, leading to a prominent rise in new accelerators, VC funds, a growing number of unicorns, and the availability of early-stage funding in the region.

Within CEE, Latvia seems to be a great place to develop a startup. This is due to the numerous legal facilities such as low costs for company registration, preferential dividend tax rates, and Latvia Visa for startups. No wonder it attracts more and more startup founders looking for funding opportunities.

To discover more VC funds check out our VC list - a complex database of the best early-stage venture capital funds investing in innovative startups across different verticals. Read More.

Without further ado, let’s find out more about TOP Latvian VC funds investing in early-stage startups.

Overkill Ventures

Geography: CEE & Nordics
Preferred industries: B2B Tech
Investment ticket: up to €220k
Company stage: Pre-Seed

The Latvian Overkill Ventures is the angel fund focused on pre-seed startups developing solutions in the B2B Technology sector. Apart from the investment of up to €220k, the fund also provides coaching on effective getting product-market fit validation by sharing with entrepreneurs its resources, know-how, and network. The portfolio consists of more than 20 startups and includes among others: Fabcontrol, ApexQubit, and Gedeon.

BaltCap

Geography: Nordics and Baltics
Preferred industries: Deep Tech
Investment ticket: €2-4M
Company stage: Seed/Series A

BaltCap together with JBIC IG Partners established a joint venture known as NordicNinja, which has under management over  €100M venture capital fund backed by companies like Panasonic, Honda, and Japan Bank for International Cooperation. The fund is open for co-investments as well as leading the investments by providing deep tech startups from Nordics and Baltics with an investment of €2M to €4M. Among the fund’s portfolio are well-recognized companies like Veriff, Realeyes, and VOI

Imprimatur Capital Fund Management

Geography: Baltic Sea Region - Mainly Latvia
Preferred industries: B2B Software/Data, Digital Health & Lifestyle, Learning & Training, Robotics & Automation
Investment ticket: €200k - €2M
Company stage: Pre-seed/Seed/Pre-series A

Imprimatur Capital Fund Management with its headquarter in Riga is one of the top Latvian VC funds with over €17M under management and has already funded more than 70 startups like Inmedicas, Branchtrack, Edurio, or NeoZeo from Baltic Sea Region. The fund is mainly focused on B2B solutions, digital health & lifestyle, learning & training, robotics & automation sectors and its investment ticket is in the range of €200k - €2M. During the investment, ICFM is looking for a global potential connected with ambitious founders and existing revenue of €5k MRR.

Expansion Capital

Geography: CEE - mainly Latvia
Preferred industries: Various industries
Investment ticket: €150k - €2.7M
Company stage: Seed/Series A

The Riga-based Expansion Capital with over €23M under management is focused mainly on seed investments up to €2.7M. The fund is open to various industries while looking for export-oriented Latvian companies with exceptional growth potential. Expansion Capital has already funded over 30 companies providing them with more than €14M and has launched two more funds INEC1 and INEC2 to further support startups.

ZGI Capital

Geography: Latvia
Preferred industries: Various industries
Investment ticket: €500k - €5M
Company stage: seed

The Latvian ZGI Capital is the investment company managing the ZGI Fund focused on seed startups with a proven business model and aspirations to enter foreign markets. The company invests from €500k to €5M in various industries, but among top fields are metalworking, food industry, woodworking, logistics, IT, engineering, retail and service exports. Their diversified portfolio includes among others: Hansamatrix, Mobilly, and Nordic Group.

iTech Capital

Geography: Mainly EU
Preferred industries: Technology
Investment ticket: €1M+
Company stage: Series A

iTech Capital is a private equity and venture capital investor focused on technology companies raising series A and beyond. It has already funded more than 15 companies and is constantly looking for new opportunities. Apart from financial investments, iTech Capital offers a broad range of non-financial support like professional expertise, know-how, and resources necessary for further rapid growth. iTech Capital’s recent investments have been allocated to Roistat, Bitfury, and Amulex.

RubyLight

Geography: Global
Preferred industries: Communication, Content sharing, Social media and Crowdsourcing
Investment ticket: undisclosed
Company stage: Seed/Series A

Founded in 2010, Riga-based VC fund RubyLight invests globally in fast-growing B2C startups from sectors like communication, content sharing, social media, and crowdsourcing. The fund’s team consists of entrepreneurs with knowledge of the tech industry. Apart from financial investment, RubyLight uses its expertise, and available technological resources to support young companies with further development and scaling globally. In the fund's portfolio are companies like Qfer, Bolt, and Tandem

ACTIO CAPITAL VENTURES (ACV)

Geography: Estonia, Latvia, Lithuania
Preferred industries: Retail, Health, Consumer Goods
Investment ticket: undisclosed
Company stage: Seed

ACTIO CAPITAL VENTURES (ACV), operating in Estonia, Latvia, and Lithuania, invests in seed stage startups operating in retail, health, and consumer goods. In retail, VC targets tech-driven ventures reshaping consumer experiences. In health - seek game-changers in healthcare delivery. In consumer goods - focus on innovative products and experiences. Venture Capital supports visionary entrepreneurs, providing not only capital but also guidance and a robust industry network.

CABRA VC

Geography: USA, India, Latvia, EU
Preferred industries: SaaS, fintech, healthtech, and digital marketplaces
Investment ticket: undisclosed
Company stage: Pre-seed, Seed

Cabra VC is a European venture capital firm targeting early-stage startups and offers seed and Series A financing, with a focus on technology-driven companies in various sectors including SaaS, fintech, healthtech, and digital marketplaces. With a portfolio of over 40 startups and investments in 70+ companies, Cabra provides operational support to accelerate growth. They have a proven track record in building and running subscription-based companies, making them a strong partner for startups at any stage. Their presence spans the Bay Area (USA), Delhi, Mumbai, Bangalore (India), and Riga, Latvia\EU.

New Nordic Ventures

Geography: CIS, CEE, Baltics region
Preferred industries: B2B, Software
Investment ticket: from €200k
Company stage: Seed/Series A

New Nordic Ventures is a Seed stage VC fund focusing on supporting B2B software startups founded by experienced entrepreneurs from the CIS and CEE regions. They aim to aid these startups in their global expansion journey by facilitating HQ relocation to the EU, building traction in the European market, preparing for subsequent investment rounds, and providing professional support during exits. The fund typically initiates investments starting from €200k to help startups scale efficiently in Europe. Their approach emphasizes quick investment decisions and leveraging their extensive competence and network to drive growth. The average investment per round is approximately $683k , and they invest in an average of 1.5 rounds per year. Notable portfolio companies include Latvia Green Growth and Latvia Monqlab.

Expanse Capital

Geography: Baltics region
Preferred industries:  Life Science
Investment ticket: undisclosed
Company stage: Pre-seed, Seed, Series A

EXPANSE Capital is a Baltic-based Life Science Venture builder dedicated to advancing healthcare systems through innovative technologies. Their focus areas encompass digital therapy, diagnostics solutions, rehabilitation tech, and more. Their holistic business model includes being a Venture Builder, Corporate accelerator, and Impact seed fund. They aim to collaborate with medical institutions, equipment manufacturers, pharmaceutical firms, and insurance companies to drive innovation. Founded in 2019, they have evolved to be a key player in the Life Science ecosystem, engaging with universities, corporations, and startups to co-create transformative healthcare solutions.

Baltic Tech Ventures (BTV) 

Geography: Baltics region
Preferred industries:  Agnostics
Investment ticket: undisclosed
Company stage: Pre-seed, Seed

Baltic Tech Ventures (BTV) is a VC firm with an angel group focusing on early-stage tech startups in the Baltics. They invest in scalable tech startups, prioritize profitable exits, and offer both private and institutional funding. BTV connects innovation with industry expertise and experience, empowering Baltic tech startups to scale globally. They selectively invest in promising Baltic companies and provide access to the innovative Baltic startup scene. 

Apart from VC funds in Latvia, startups should also consider the Latvian Business Angels Network as a funding source. Founded in 2014, the network has more than 50 active members who together invested over €11M into 160+ startups.

*If you have some insights about the article or know a VC fund that should be included in this list, drop me a line

Interested in the CEE Startup & VC Scene and startup tips? Let’s discover  the Latvian Startup & VC Ecosystem Report, VC Funding In CEE Report 3Q 2023, How To Create The Perfect Competition Slide In The Investment Pitch Deck?, and Productivity Tools for VC Funds.

Want to discover more Venture Capital firms from other countries? Check out the list below. Top VC funds from:

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