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Top 25 Manufacturing Startup Investors in Latvia in May 2025

Last updated: May 2025 A list of 25 angel investors and VC (Venture Capital) funds that invest in Manufacturing startups based in Latvia. We rank investors based on the number of investments they made in Manufacturing companies from Latvia. We update this investor list every month.

Top 25 Manufacturing Startup Investors in Latvia in May 2025

Investor	Manufacturing Latvia investments
Expansion Capital	13
Imprimatur Capital Fund Management	13
ZGI Capital	10
Uldis Sipols	4
Sverre Bisgaard	3
FlyCap	2
Povilas Urbonas	2
Indrikis Liepa	2
SOSV	2
Lauris Liepa	2
Nicolai Torgersen	2
Change Ventures	1
Lauri Isotamm	1
Miko Malberg	1
Capitalia	1
Angel Parn	1
ASP Asset Management	1
Maksim Zakurdaev	1
APX	1
Siena Capital	1
BADideas.fund	1
BaltCap	1
Rein Raudjarv	1
Nikita Sergienko	1
Lev Dolgatsjov	1

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Investor list

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

Manufacturing, Food and Beverage, Logistics
Seed, Funding Round, Debt Financing
Latvia, United States, Norway

Portfolio highlights

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

Imprimatur Capital Fund Management is a venture capital firm focusing on high-technology at an early stage in its commercial development. We invest in start-up technology businesses which are based on innovative intellectual property, are led by strong teams and have high international growth potential.Imprimatur Capital Fund Management, based inLatvia, manages seed and start-up funds with investors including the Latvian Guarantee Agency, other institutional investors and some private investors. The company source investment opportunities primarily from the Baltic/Nordic/Russia region.Imprimatur Capital Fund Management is a partner firm of Imprimatur Capital Ltd, headquartered in London and with investment operations in Europe, Russia, Asia Pacific, Latin America and the US.

Investment focus

Software, Information Technology, Apps
Seed, Debt Financing, Funding Round
Latvia, United States, United Kingdom

Portfolio highlights

Axial3D — Leading the way with the latest 3D imaging, models, and devices
afriQloud — AfriQloud provides a white-labeled cloud computing solution to telecom operators, internet service providers, system integrators, and managed information technology service providers.
Sonarworks — SoundID Reference software calibrates your speakers and studio headphones, so you can trust that every mix will translate.

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

Manufacturing, Machinery Manufacturing, Consulting
Funding Round, Seed, Debt Financing
Latvia, Estonia

Portfolio highlights

eAgronom — We enable companies to achieve their sustainability goals while supporting farmers in generating additional revenue, improving soil quality, and accessing better financing.
KOOL Latvija — "KOOL Latvija" is a new concept gas station created in Latvia, which at the same time is also a convenient fast shopping place.
Bioreactors.net — Biotechnical center is an innovative company and we provide solutions for industrial biotechnology processes, bioreactor manufacturing and industrial automation. We manufacture bioreactors for laboratory, pilot and industrial scale.

Uldis Sipols

Investment focus

CAD, Software, Simulation
Seed, Angel, Pre-Seed
Latvia

Portfolio highlights

CENOS — CENOS redefines engineering simulation software category for mass adoption: FROM enterprise niche and multi-purpose software for 100K simulation experts TO mass adoption of intuitive vertical-focused simulation apps by 10M+ practical engineers in production

Has built up and been the leader of Kongsberg Norspace in Horten, Norway and its predecessors over a period of more than 30 years, starting with AME space division in 1984. AME Space AS, a separate company created in 1986, became Alcatel Space Norway (ASN) in 1989 after an MBO in 1988. As MD lead ASN to an international leading position, developingand manufacturing satellite electronic products for satellite manufacturers world-wide, growing the company from 15 to 130 employees and sales exceeding 20 million Euros. Started Norspace, who took over the business of ASN when Alcatel closed ASN in 2003 following the satellite industry downturn in 2001-2002. After another successful build-up of Norspace over eight straight profitable years sold the company to Kongsberg in 2011. Retired from the position of CEO of Kongsberg Norspace end of March 2015.Kongsberg Norspace products are now (2015) found in over 200 satellites, mostly used for telecommunications.Presently engaged as board chairman, board member and investor in various companies.

Investment focus

CAD, Software, Simulation
Pre-Seed
Latvia

Portfolio highlights

CENOS — CENOS redefines engineering simulation software category for mass adoption: FROM enterprise niche and multi-purpose software for 100K simulation experts TO mass adoption of intuitive vertical-focused simulation apps by 10M+ practical engineers in production

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

Health Care, Consumer Goods, Medical
Funding Round, Seed, Debt Financing
Latvia, Estonia, The Netherlands

Portfolio highlights

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!).
Purified — Purified is a nutritional supplement supplier.. It offers black chocolate produced by the best doctors in collaboration with scientists.
Elmo — In our car sharing business Elmo Rent we wanted to serve maximum customers with minimum resources, so we created remote control technology to deliver vehicles.

Povilas Urbonas

Investment focus

CAD, Software, Simulation
Pre-Seed
Latvia

Portfolio highlights

CENOS — CENOS redefines engineering simulation software category for mass adoption: FROM enterprise niche and multi-purpose software for 100K simulation experts TO mass adoption of intuitive vertical-focused simulation apps by 10M+ practical engineers in production

Indrikis Liepa

Investment focus

CAD, Software, Simulation
Pre-Seed
Latvia

Portfolio highlights

CENOS — CENOS redefines engineering simulation software category for mass adoption: FROM enterprise niche and multi-purpose software for 100K simulation experts TO mass adoption of intuitive vertical-focused simulation apps by 10M+ practical engineers in production

SOSV is a global, deep tech venture capital firm that operates the HAX and IndieBio startup development programs focused on human and planetary health. SOSV invests $500,000 in startups at their inception as they onboard either HAX or IndieBio for a 4-6 month period designed to accelerate the raise of their next institutional round. SOSV joins thelater rounds of HAX and IndieBio graduates. HAX, based in a 35,000 sq ft facility in Newark, NJ, is equipped with machine tools, 3D printers, chemical, electrical and mechanical engineering labs, as well as on-staff engineering and design experts. SOSV's IndieBio has locations in NYC and San Francisco, both of which offer extensive services and facilities to founders including on-site BSL-2 labs, well equipped lab benches and hoods, and advanced lab equipment, such as chromatography equipment.

Investment focus

Biotechnology, Health Care, Software
Seed, Convertible Note, Pre-Seed
United States, India, United Kingdom

Portfolio highlights

MixRift — MIXRIFT - game developers specialized in Mixed Reality
unspun — From 3D scan to perfect fitting custom jeans. unspun makes each pair of jeans unique to your actual body and design. On a mission to reduce global carbon emissions by 1%. As seen in Fast Company's World Changing Ideas, Time's Best Inventions, and PopSci's Best of What's New. Welcome to the future of apparel.
Mesa Quantum — Unlock the potential of chip-scale quantum sensing for enhanced Position, Navigation, And Timing capabilities. Explore Mesa Quantum's practical solutions.

Lauris Liepa

Investment focus

CAD, Software, Simulation
Pre-Seed
Latvia

Portfolio highlights

CENOS — CENOS redefines engineering simulation software category for mass adoption: FROM enterprise niche and multi-purpose software for 100K simulation experts TO mass adoption of intuitive vertical-focused simulation apps by 10M+ practical engineers in production

Nicolai Torgersen

Investment focus

CAD, Software, Simulation
Pre-Seed
Latvia

Portfolio highlights

CENOS — CENOS redefines engineering simulation software category for mass adoption: FROM enterprise niche and multi-purpose software for 100K simulation experts TO mass adoption of intuitive vertical-focused simulation apps by 10M+ practical engineers in production

We are a seed stage venture capital fund based in the Baltic states, backing ambitious Baltic founders anywhere in the world.

Investment focus

Software, Information Technology, Apps
Seed, Pre-Seed, Series A
Estonia, Latvia, Lithuania

Portfolio highlights

Modash.io — High performing marketing teams use Modash to find, analyze and monitor influencers at scale all over the world. Join them today.
ENGYcell — ENGYcell provides personalized energy storage solutions to reduce energy costs, gain energy independence, and participate in the energy market.
Trace.Space — Engineers develop complex products 10x faster with Trace.Space. Requirements management for the next generation

Lauri Isotamm

Investment focus

Software, CAD, Music
Pre-Seed
Latvia, United States

Portfolio highlights

CENOS — CENOS redefines engineering simulation software category for mass adoption: FROM enterprise niche and multi-purpose software for 100K simulation experts TO mass adoption of intuitive vertical-focused simulation apps by 10M+ practical engineers in production
FanSifter — FanSifter is a fan data management platform that leverages machine learning to help rights holders in music, entertainment, and sports increase tickets, music, merch, experiences, and sponsorships sales.

Miko Malberg

Investment focus

CAD, Software, Simulation
Angel
Latvia

Portfolio highlights

CENOS — CENOS redefines engineering simulation software category for mass adoption: FROM enterprise niche and multi-purpose software for 100K simulation experts TO mass adoption of intuitive vertical-focused simulation apps by 10M+ practical engineers in production

Capitalia, a company listed on Nasdaq Baltic stock exchange, is the leading financer for small and medium enterprises in the Baltics. As our focus is set on SME’s we are able to provide financing that serves as a supplement or as an alternative to the loans issued by commercial banks. Since the founding of Capitalia in 2007 we have issued financingto more than 1000 companies and consulted more than 100 businesses in various financial matters.

Investment focus

Software, CAD, Apps
Seed, Debt Financing
Latvia, Sweden, Lithuania

Portfolio highlights

Favro — The #1 app making collaborative planning working at scale between teams for SaaS & Live Games companies. Agile team collaboration, smoother than ever.
Aerones — Robotic wind turbine service company offering maintenance, inspection and repairs worldwide. Reduce downtime and improve the efficiency of your wind park
AISPECO — AISPECO systems for aerial inspection, surveying, mapping. Tailored for airplanes, helicopters and drones. Multiple camera and LiDAR options.

Angel Parn

Investment focus

CAD, Software, Simulation
Angel
Latvia

Portfolio highlights

CENOS — CENOS redefines engineering simulation software category for mass adoption: FROM enterprise niche and multi-purpose software for 100K simulation experts TO mass adoption of intuitive vertical-focused simulation apps by 10M+ practical engineers in production

ASP Asset Management enables clients to form investment syndicates for high-risk projects, allowing smaller investments across multiple startups to diversify risk.

Investment focus

Information Technology, Industrial Manufacturing
Pre-Seed
Latvia

Portfolio highlights

Cellbox Labs — Cellbox Labs offers industrialized organ-on-chip technology.It generates plug-and-play devices that enable chips to run without input.

Maksim Zakurdaev

Investment focus

CAD, Software, Simulation
Angel
Latvia

Portfolio highlights

CENOS — CENOS redefines engineering simulation software category for mass adoption: FROM enterprise niche and multi-purpose software for 100K simulation experts TO mass adoption of intuitive vertical-focused simulation apps by 10M+ practical engineers in production

APX is Europe’s leading very-early-stage VC. Based in Berlin and backed by Axel Springer and Porsche, we support and partner with the most ambitious founding teams from Europe and beyond - often as their first investor.We invest up to EUR 500K in startups until a series A starting with a quick EUR 50K investment, and within a few months,depending on traction and speed, we can invest further. Each month we invest in new teams who become part of the APX community, counting hundreds of other founders. Since 2018, we have invested in 100+ startups across 20+ industries with founders from 20+ countries together with 100+ co-investors.

Investment focus

Software, SaaS, Information Technology
Pre-Seed, Seed, Series A
Germany, United Kingdom, United States

Portfolio highlights

Spike Technologies — November 30, 2022 - Spike technology, REST API end-points, and Cloud architecture are designed with data privacy and security at heart. We process billions of
DC Connected — Mobility Enhancement Platform
Synergi — Synergi app features smart charging, smart climate, solar charging, and more to help you use electricity when it's cheap and good for the planet. Start saving and earning with smart electricity use!

Siena is a VC firm mainly investing in startups in Estonia and California

Investment focus

CAD, Banking, FinTech
Seed, Pre-Seed, Convertible Note
Estonia, Latvia

Portfolio highlights

CENOS — CENOS redefines engineering simulation software category for mass adoption: FROM enterprise niche and multi-purpose software for 100K simulation experts TO mass adoption of intuitive vertical-focused simulation apps by 10M+ practical engineers in production
Tuum — Our cloud-native API-first core banking platform enables any business to rapidly offer seamless, tailored financial services to their customers.
Teamscope — Understand what drives your team's performance, make exceptional hiring decisions, and unlock the full potential of your team.

BADideas.fund is an early-stage angel syndicate providing €50k-€100k funding for CEE startups.

Investment focus

Software, Information Technology, FinTech
Pre-Seed, Seed
Estonia, Latvia, Ukraine

Portfolio highlights

Qminder — Set up Qminder queue management software in minutes. Real-time reports on customer service & employee performance. Cloud-based. Wireless. Free Support.
Miros — Revolutionizing ecommerce with AI-powered visual search and semantic search. Seamless, tagless, and intuitive product discovery for all shoppers.
THEO — Power-Up Any AI Assistant in 3 minutes by transforming your startup's strategy, product, and market info into an expert-designed AI-ready knowledge format, making AI truly understand your unique business nuances.

BaltCap is a private equity and venture capital investor in the Baltic states of Estonia, Latvia and Lithuania focusing investment on the growth and realization of small and medium enterprises.

Investment focus

Mobile, Information Technology, Apps
Seed, Series A, Series B
Latvia, Lithuania, United States

Portfolio highlights

UPRENT — UPRENT is a pumping system rental provider which are accompanied with trench shoring systems and power generators. The company serves customers with effective products which enable to get the job done in the shortest time and with lowest energy costs. It guarantees a high level of customer satisfaction by maintaining a constant communication withcustomers, managing customer satisfaction measurement, identifying customer complaints and needs, and assuring appropriate service according to customer needs and requirements.UPRENT was founded on 2013 and is headquartered in Riga, Latvia.
TrueCare24 — Care professionals and services for home and business.
Lightspace Labs — Seeing is believing

Rein Raudjarv

Investment focus

CAD, Software, Simulation
Angel
Latvia

Portfolio highlights

CENOS — CENOS redefines engineering simulation software category for mass adoption: FROM enterprise niche and multi-purpose software for 100K simulation experts TO mass adoption of intuitive vertical-focused simulation apps by 10M+ practical engineers in production

Nikita Sergienko

Investment focus

CAD, Software, Simulation
Angel
Latvia

Portfolio highlights

CENOS — CENOS redefines engineering simulation software category for mass adoption: FROM enterprise niche and multi-purpose software for 100K simulation experts TO mass adoption of intuitive vertical-focused simulation apps by 10M+ practical engineers in production

Lev Dolgatsjov

Investment focus

CAD, Software, Simulation
Angel
Latvia

Portfolio highlights

CENOS — CENOS redefines engineering simulation software category for mass adoption: FROM enterprise niche and multi-purpose software for 100K simulation experts TO mass adoption of intuitive vertical-focused simulation apps by 10M+ practical engineers in production

Investors by industry

Artificial intelligence