# Expansion Capital

> Expansion Capital is a VC fund in Riga backing Manufacturing, Software and Logistics. See 42 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Riga, Latvia
- Total investments: 42
- Last investment: Nov 2023
- Lead investor: 79%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/expansion-capital-aifp/
- X (Twitter): https://twitter.com/AifpCapital
- Website: http://www.excap.lv/
- Facebook: https://www.facebook.com/excaplv/

Expansion Capital is a VC fund in Riga focused on Manufacturing and Software. 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.

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $200k–$2.4M |
| Debt Financing | $125k–$246k |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Manufacturing | 11 | 26% |
| Software | 4 | 10% |
| Logistics | 4 | 10% |
| Transportation | 4 | 10% |
| Food and Beverage | 4 | 10% |

68 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 15 | 36% |
| Funding Round | 12 | 29% |
| Debt Financing | 4 | 10% |
| Pre-Seed | 3 | 7% |
| Series A | 2 | 5% |

8 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Latvia | 34 | 81% |
| United States | 3 | 7% |
| Norway | 1 | 2% |
| Estonia | 1 | 2% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Flirtu | Flirtu is an app for dating on Telegram that helps users find their perfect match. | $220.1K | Pre-Seed | Nov 28, 2023 |  |
| FIS.solutions | FIS.solutions is IT services and IT consulting company. | $272.6K | Venture - Series Unknown | Apr 05, 2023 |  |
| Willow Wealth | Willow Wealth enables you to build a complete private markets portfolio across real estate, private credit, private equity, and more. Our platform provides access to differentiated individual investments and diversified funds, as well as an automated investing solution that handles everything for you. No matter your goals, our platform aims to makeprivate markets investing simple and accessible. Join more than 500,000 members and start investing in private markets today at willowwealth.com. | $100M | Series C | Jun 02, 2021 |  |
| Willow Wealth | Willow Wealth enables you to build a complete private markets portfolio across real estate, private credit, private equity, and more. Our platform provides access to differentiated individual investments and diversified funds, as well as an automated investing solution that handles everything for you. No matter your goals, our platform aims to makeprivate markets investing simple and accessible. Join more than 500,000 members and start investing in private markets today at willowwealth.com. | $100M | Series C | Jun 02, 2021 |  |
| Hepta Insights | Hepta Airborne brings accurate airborne inspection to power grid operators while saving time, costs, and the environment. They have built 6-hour flight time drones that work in synergy with our autonomous data processing platforms and sensors. They work with satellites, helicopters, sensors, and software. It's not about drones, it's aboutbig data and collecting and analysing the data as efficiently as possible. | $2.1M | Series A | Feb 02, 2021 |  |
| Hepta Insights | Hepta Airborne brings accurate airborne inspection to power grid operators while saving time, costs, and the environment. They have built 6-hour flight time drones that work in synergy with our autonomous data processing platforms and sensors. They work with satellites, helicopters, sensors, and software. It's not about drones, it's aboutbig data and collecting and analysing the data as efficiently as possible. | $2.4M | Seed | Feb 02, 2021 |  |
| asya.ai | Our main service activities focuses on new software product prototyping, manufacturing industry, high tech R&D and creative mobile app development. We work with all aspects of software development and design, stretching from pre-market studies through ideation to surface design, concept engineering and realization of the end product.PitchPatterns analyze sales and customer service calls, detect emotion tone of voice, biometric verification, content, and automatically detect problematic calls. Instead of listening calls randomly from 10k we give top 10 to listen and improve. | $305.5K | Pre-Seed | Jan 08, 2021 |  |
| asya.ai | Our main service activities focuses on new software product prototyping, manufacturing industry, high tech R&D and creative mobile app development. We work with all aspects of software development and design, stretching from pre-market studies through ideation to surface design, concept engineering and realization of the end product.PitchPatterns analyze sales and customer service calls, detect emotion tone of voice, biometric verification, content, and automatically detect problematic calls. Instead of listening calls randomly from 10k we give top 10 to listen and improve. |  | Pre-Seed | Oct 01, 2020 |  |
| Hepta Insights | Hepta Airborne brings accurate airborne inspection to power grid operators while saving time, costs, and the environment. They have built 6-hour flight time drones that work in synergy with our autonomous data processing platforms and sensors. They work with satellites, helicopters, sensors, and software. It's not about drones, it's aboutbig data and collecting and analysing the data as efficiently as possible. | $713K | Seed | Jun 07, 2019 |  |
| Aerones | We are building heavy lifting drones which can lift up to 200kg (440lbp). We have version which is flying on batteries for rescue and delivery purposes and tethered solution for industrial cleaning and firefighting. |  | Seed | Mar 12, 2019 |  |

10 of 42 investments shown.

## Co-investors
- [Contrarian Ventures](https://shizune.co/investors/profile/contrarian-ventures) — VC Fund, 3 deals together
- [SpeedUp Venture Capital Group](https://shizune.co/investors/profile/speedup-venture-capital-group) — VC Fund, 3 deals together
- [Thorgate Ventures](https://shizune.co/investors/profile/thorgate-ventures) — VC Fund, 3 deals together
- [Edison Partners](https://shizune.co/investors/profile/edison-ventures) — VC Fund, 2 deals together
- [Greycroft](https://shizune.co/investors/profile/greycroft) — VC Fund, 2 deals together
- [EIT InnoEnergy](https://shizune.co/investors/profile/kic-innoenergy) — VC Fund, 2 deals together

## Similar investors

### Similar industry
- [SOSV](https://shizune.co/investors/profile/sosv) — VC Fund
- [Alumni Ventures](https://shizune.co/investors/profile/alumni-ventures-group) — VC Fund
- [Bpifrance](https://shizune.co/investors/profile/bpifrance) — VC Fund

### Similar stage
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund
- [Alumni Ventures](https://shizune.co/investors/profile/alumni-ventures-group) — VC Fund
- [Right Side Capital Management](https://shizune.co/investors/profile/right-side-capital-management) — VC Fund

### Similar country
- [Imprimatur Capital Fund Management](https://shizune.co/investors/profile/imprimatur-capital) — VC Fund
- [ZGI Capital](https://shizune.co/investors/profile/zgicapital) — VC Fund
- [FlyCap](https://shizune.co/investors/profile/flycap) — VC Fund

## Featured in investor lists
- [All Investors in Latvia](https://shizune.co/investors/investors-latvia)
- [All VC Funds in Latvia](https://shizune.co/investors/vc-funds-latvia)
- [Climate Investors in Europe](https://shizune.co/investors/climate-investors-europe)
- [Climate VC Funds in Europe](https://shizune.co/investors/climate-vc-funds-europe)
- [Manufacturing Investors in Europe](https://shizune.co/investors/manufacturing-investors-europe)
- [Manufacturing VC Funds in Europe](https://shizune.co/investors/manufacturing-vc-funds-europe)

## FAQ

### What does Expansion Capital invest in?

Expansion Capital invests primarily in Manufacturing, Software and Logistics startups, most often at Seed and Funding Round stage. Most of the 42 investments tracked by Shizune back companies in Latvia. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Expansion Capital's check size?

Expansion Capital typically joins rounds of $200k–$2.4M at Seed and $125k–$246k at Debt Financing. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Expansion Capital participates in.

### When did Expansion Capital last invest?

The most recent investment recorded for Expansion Capital closed in Nov 2023. Shizune tracks 42 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

# About Shizune
Shizune.co is an investor database. Core features:
- 48,091 startup investors (angels, VCs, accelerators, and others)
- Email, phone, LinkedIn (for intros), socials, and other contact data
- Updated daily from public funding news
- CSV and Excel export

The User can access the full database FOR FREE after signing up: shizune.co