With its vibrant startup ecosystem, access to funding, supportive government policies, skilled workforce, and strategic location, Latvia offers a multitude of advantages and unique opportunities for startups. The government has been playing an instrumental role in advancing the Latvian startup ecosystem, with the Investment and Development Agency of Latvia (LIAA) eager to introduce foreign investors to Latvia's most promising startups. In this article, we have compiled a comprehensive list of top VC Funds and Angel Investors in Latvia that can provide you with the capital and support to help you succeed!
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Why Should You Raise Funds in Latvia?
Latvia has emerged as a hotspot for entrepreneurs worldwide, with over 400 registered startups and a strong presence in cities like Riga, Jūrmala, and Daugavpils. The country has created a conducive environment for startups to flourish and is an attractive destination for investments due to its highly supportive startup ecosystem.
Starting from public sector initiatives, Latvia is starting to benefit from the introduction of various startup-friendly regulatory systems. For instance, the "Innovation Voucher" support measure has been launched by the Latvian Investment and Development Agency (LIAA) to provide funding for companies engaged in the development of new products or technologies that require the services of a designer. The scheme aims to stimulate merchants' innovation activity through technology transfer and the employment of highly qualified individuals. This year, the Riga Investment and Tourism Agency (RITA) has allocated a EUR 635,000 budget to startup-related programs, including labor force attraction, incubator and accelerator programs, events, and more. With Riga hosting numerous tech conferences and a Startup Law that allows non-EU citizens to apply for a Startup Visa, Latvia ensures that startups have access to networking opportunities and global talent. Finally, the government also operates 13 incubators across Latvia that provide training, funding, mentoring assistance, and other resources that foster the atmosphere required for the establishment and growth of businesses.
Aside from public sector initiatives, Latvia also exhibits several private sector initiatives that contribute to the ecosystem's development. This includes startup support organizations, such as TechHub Riga and Startup Wise Guys, which offer mentoring, networking, and incubation programs. There are also a number of other startup incubators and accelerator programs in the country such as Builtit Accelerator and FutureHub Accelerator.
Public-private partnership has also been formed, such as the Latvian Private Equity and Venture Capital Association (LVCA); an association that represents the interests of the private equity and venture capital industry in Latvia. It was established by six major venture capital companies in Latvia, along with the Latvian Development Agency, with the aim of promoting the growth of the venture capital sector in the country. LVCA works to promote venture capital financing and serves as a platform for cooperation and collaboration between industry players. The association provides support to companies by connecting them with venture capital funds that can provide financial investment, expertise, knowledge, and contacts, increasing their chances of success.
This supportive ecosystem increases the chances of startups succeeding and attracting investment. By considering Latvia for raising funds, entrepreneurs can tap into a supportive ecosystem that fosters innovation, collaboration, and success.
Venture Capitalist Funds in Latvia
The venture capital firms below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.
Year of Inception: 2016
Stage: Pre Seed
Focus: Technology
Notable Portfolio: Veriff, Planet42, Printify, Monetizr, Werk
Change Ventures is a seed stage venture capital firm based in the Baltics that supports ambitious Baltic innovators worldwide. Change Ventures strives to provide funding of EUR 100,000 to EUR 500,000 and hands-on support to promising firms in their early phases of growth, with an emphasis on technology startups and particularly those in the B2B and SaaS industries across Eastern Europe. As a dedicated investor, the VC aspires to empower entrepreneurs by assisting them in scaling their businesses and achieving long-term success in the dynamic and quickly expanding startup environment.
Year of Inception: 2018
Stage: Pre Seed, Seed
Focus: Sector Agnostic
Notable Portfolio: Skin Bliss, Paul-Tech, Medinav, Meredot, Agently, Noscos
Overkill Ventures invests in startups across the Baltics, Nordics, CEE, & CIS. As an accelerator, micro VC, and venture capital investor, Overkill Ventures provides funding and support to help startups reach product-market fit. Overkill Ventures generally invests between EUR 40,000 to EUR 250,000.
Year of Inception: 2021
Stage: Seed
Focus: B2B Software
Notable Portfolio: Petabox, Cross Creators, RDA, Green Growth
New Nordic Ventures is a seed-stage venture capital firm focused on B2B Software businesses in the CIS and CEE regions. By using their broad expertise and professional network, the VC hopes to assist these entrepreneurs in expanding globally. They actively assist their portfolio firms in expanding into new markets, developing their operations, and attaining long-term success.
Year of Inception: 2019
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: Sintez, Warden AI Lab, Smart Rehab Technologies
Expanse Capital is a venture builder that focuses on the development and introduction of novel technologies into the Life Science industry. Their goal is to establish enterprises based on future healthcare concepts, with the goal of improving human health and general quality of life. Expanse Capital's business activities include venture building, company acceleration, and impact seed funding. To develop technical entrepreneurship, they regularly work with startups, top firms, and European institutions.
Year of Inception: 2010
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: Bolt, Sweatcoin, Jodel, Tandem, Ask.fm
Rubylight is a venture capital firm formed by successful software entrepreneurs that invests in companies in the internet, mobile, B2C, communication, and other related industries. The organization is committed to assisting the expansion of fast-growing online and mobile enterprises. Rubylight recognizes the difficulties that businesses experience while tackling technology problems and gives the tools required to overcome these difficulties. With its core technical staff and patented technologies, the VC assists entrepreneurs in navigating technical obstacles and achieving their goals.
Year of Inception: 2013
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: Perks, Corebook, Got Foods, Efectio
Baltic Tech Ventures (BTV) is an investment banking team and venture capital fund specializing on scalable technology startups in the Baltic area. Baltic Tech Ventures invests in enterprises with skilled management teams and provides access to industry knowledge as well as intellectual property protection.
Year of Inception: 2010
Stage: Seed, Series A
Focus: Technology, B2B Software & Data, Digital Health, Learning & Training, Robotics/Automation
Notable Portfolio: Anatomy Next, Edurio, MolPort, Sonarworks
Imprimatur Capital is a renowned venture capital firm that focuses on early-stage technology businesses in the Baltic and Nordic region. They have a significant presence in Latvia and are active participants in the local startup scene. The expertise of Imprimatur Capital is in discovering and investing in ambitious founders with breakthrough tech firms. They have access to a large network of industry experts, investors, and partners, allowing them to offer crucial resources and connections to the firms in whom they invest.
Year of Inception: 1995
Stage: Series A, Series B
Focus: Deep Tech
Notable Portfolio: Starship Technologies, Kognic, Ready Player Me, DappRadar
BaltCap is the largest private equity fund manager in the Baltics, concentrating on developing enterprises that improve society's quality of life. BaltCap is a major independent private equity company that specializes in small and midmarket buyout and growth capital investments, but is also involved in the venture capital market. With a proven track record, BaltCap plays a crucial role in supporting the growth and development of businesses in the region by providing capital, expertise, and strategic guidance.
Year of Inception: 2005
Stage: Series A, Series B, Series C
Focus: Metalworking, Woodworking, Logistics, IT, Engineering, Retail, Service, Food
Notable Portfolio: Mobilly, Hansamatrix, Art Fairs Service
ZGI Capital invests in businesses that have established themselves in the domestic market and are now expanding to export markets and creating new business ventures. As an investor, ZGI Capital promotes excellent connections with businesses and actively contributes to their development. They want to build long-term value and stimulate innovation in the firms in which they invest.
Year of Inception: 2010
Stage: Series A, Series B, Series C
Focus: Technology
Notable Portfolio: Aviasales, Bitfury, Amulex, Ecwid
iTech Capital is an innovative private equity and venture capital investment manager specializing in high-growth stages of industry-changing, internet-based businesses. iTech Capital has established itself as a global leader in investing in businesses that leverage internet technology. Though they don't limit themselves to specific verticals, their current portfolio are heavily focused in the following industries: Online Travel & Ticketing, FinTech, E-Commerce, Big Data, AdTech, LegalTech, and SaaS.
Angel Investors in Latvia
Angel investors may act as an individual or as a syndicate to fund projects of their preference, so these networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: -
The Latvian Business Angel Network (LatBAN) is an organization that aims to support business angels in making successful investments in the Baltic region, specifically Latvia. Established in 2014, LatBAN provides training, advice, and co-investment opportunities to help reduce risks and increase the potential for return on investment. They bring together highly experienced entrepreneurs who act as business angels and use their own funds to invest in early-stage businesses. They organize Investment Sessions to facilitate meetings between investors and entrepreneurs, fostering collaboration and support for new projects.
Stage: Pre Seed, Seed
Focus: Technology
Notable Portfolio: AM Craft, Finfra, LANDE, Squad Robotics
Badideas.fund is an early-stage angel syndicate that specializes in providing funding for startups in the Central and Eastern European (CEE) region. They offer funding in the range of EUR50,000 to EUR100,000. The team at Badideas.fund understands the challenges faced by founders during the fundraising process because they have been in the same position themselves. They are committed to supporting and investing in promising startups in the CEE region, helping them grow and succeed.
Closing Thoughts on VCs and Angel Investors in Latvia
Latvia's startup ecosystem has gained significant attention from entrepreneurs worldwide, owing to its vibrant and thriving environment. There are a number of organizations in Latvia that are working actively with the government to create more efficient support mechanisms for startups in the country. The passage of regulations and programs such as Startup Law. Startup Visa, Innovation Voucher is a testament to the country's progress in the startup scene. The presence of key components, such as startups, educational institutions, incubators, and investors, has created a solid foundation for success.
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