Top 5 Food and Beverage VC Funds &amp; Investors in Latvia (September 2026)

ZGI Capital is the fund management company that manages "ZGI fund”, that was founded to support entrepreneurs lacking start-up capital for their business. The total amount of assets available for venture capital investments is of EUR 7.4M. Combined with bank financing, this will allow to finance investment projects with total assets of up toEUR 30M. The fund acts on behalf of various investors including the State.

Investment focus

Industry: Manufacturing, Consulting, Construction
Stage:Seed, Debt Financing
Geography: Latvia, Estonia, United Kingdom

Investor stats

Total investments: 28
Round size: Seed $55k–$896k; Debt Financing $110k–$981k
Lead/follow: 89% lead, 11% follow
Last fund: May invest from a new fund soon — last raise in 2017

Portfolio highlights

Echoo Group — Echoo Group provides Smart Home, Building automation system (BMS), Engineering network solutions from design to solution.
RoyaltyRange — RoyaltyRange is a data provider with 4 professional databases covering Royalty rates, Service fees, Loan rates, Companies' financials.
Electrify — Electrify manufactures electric buses and minibusses offers charging solutions, and bus infrastructure maintenance.

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FlyCap AIF is a Venture Capital Fund of total size of 15.75 MEUR. The Fund provides growth capital for Latvia based SME’s in a form of investments in equity and mezzanine capital.

Investment focus

Industry: Health Care, Rental, Medical
Stage:Seed, Venture - Series Unknown
Geography: Latvia, Estonia, The Netherlands

Investor stats

Total investments: 30
Round size: Seed $55k–$2.9M
Lead/follow: 40% lead, 60% follow
Last fund: May invest from a new fund soon — raised $21M in 2013

Portfolio highlights

Mintos — Mintos is a platform that provides retail investors with an accessible way to build wealth through loan-based investments. Through their platform retail investors can invest in a diversified way in income-producing assets to build wealth in the long term. They implement environmental, social, and employee matters, respect for human rights,anti‐corruption, and anti‐bribery matters within their remuneration policy practices and other internal company documents.
Tapcore — Tapcore is the only solution on the market that enables mobile developers to monetize pirated copies of their apps through advertising. Established in 2015, we are a remote company with headquarters in the Netherlands. Currently we serve over 150 million ad requests daily (and counting!).
Elmo — In our mobility-focused operations, we wanted to optimize business and decrease environmental impact, so we created remote control technology to deliver cars.

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Expansion Capital AIFP plans to participate in Latvian state-owned development finance institution ALTUM organized next generation fund manager tender, in order to continue to invest and finance mainly perspective Latvian ideas, projects, and companies.

Investment focus

Industry: Manufacturing, Software, Logistics
Stage:Seed, Debt Financing
Geography: Latvia, United States, Norway

Investor stats

Total investments: 42
Round size: Seed $132k–$2.4M; Debt Financing $125k–$246k
Lead/follow: 79% lead, 21% follow

Portfolio highlights

Flirtu — Flirtu is an app for dating on Telegram that helps users find their perfect match.
FIS.solutions — Loan Management System | Loan Servicing Software | Lending Software. Instalment loans, mortgages, car leasing & rentals, credit line, business loans, factoring
Willow Wealth — Willow Wealth is an alternative investment platform focused on generating income streams for investors. Get exclusive access to private market investments.

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Artesian Capital Management is an alternative investments management company, which was spun out of ANZ Banking Group's capital markets business in 2004, with backing from ANZ Private Equity. Artesian's founding partners, purchased ANZ's stake in 2005. The company has subsequently been fully owned by partners and staff. Since 2004,Artesian has managed specialised funds focused on credit arbitrage and relative-value strategies across global financial markets. In 2008, while continuing to manage credit relative value investment strategies from its New York, London and Singapore offices, Artesian began to make principal investments in seed/early-stage ventures from its offices in Sydney, Melbourne and Shanghai. In 2011, Artesian launched the first of its early stage venture capital funds and now manages AUD +255m. Artesian's VC strategy is to partner with best of breed accelerators, incubators, angel groups and university programs. In 2017, Artesian launched its China VC Fund with a USD 50m cornerstone investment industry super fund Hostplus. Artesian will soon launch a Southeast Asia VC Fund.

Investment focus

Industry: Software, Artificial Intelligence, Health Care
Stage:Seed, Series A, Pre-Seed
Geography: Australia, United States, Hong Kong

Investor stats

Total investments: 619
Round size: Seed $65k–$4.6M; Pre-Seed $70k–$553k; Series A $2.3M–$15M
Lead/follow: 37% lead, 63% follow
Last fund: Likely still investing — raised $36M in 2023

Portfolio highlights

CUZIN — CUZIN is your global shopping family. A community marketplace enabling members to purchase any product worldwide by leveraging other members’ buying access or advantages.Members post requests for any product they want from anywhere in the world. Online or offline, specialist boutiques/clearance outlets and sales. This request is pushed to'cuzins' best placed (geographically or commercially) to purchase the item on their behalf. Cuzins earn a tip for helping out!In addition to accepting a shopping request, any cuzin can instantly monetise being in the right place at the right time posting a purchase opportunity, which is pushed to interested members worldwide. Shopping, shipping, social. Sorted. CUZIN provides the social and logistics platform to facilitate the matching, communication, payment and shipping of the items we love worldwide.
Vaulta — Vaulta is a battery casing technology company based in Brisbane, Australia. Using advanced composite materials and smart, streamlined design, Vaulta has developed a lighter and smaller battery case with fewer parts, creating scalable efficiencies and opportunities for manufacturers. Vaulta founder and director Dominic Spooner has over 12 yearsexperience as a design engineer, and has worked in a range of industries, including renewables and batteries, defence and aerospace, consumer products, commercial products and startups. While working in battery design, Dominic saw firsthand that opportunities for growth were being overlooked in favour of continuing with the status quo – and that’s when the idea for Vaulta was born.Vaulta’s world-first no-weld design means modules can be easily assembled and disassembled, cells reused and recycled, and new cells added as battery technology continues to evolve.From stationary storage and electric vehicles to defence, aerospace and beyond, Vaulta’s battery case technology works wherever batteries do.
Andromeda Robotics — At Andromeda, our personalised robot companions are helping Australian aged care teams bring joy and connection to residents to improve wellbeing.

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