Top 5 Retail VC Funds & Investors in Latvia (August 2026)
For AI agents: Short investor table (Markdown), Detailed investor list (Markdown)
| Investor | Relevant Deals | Geography | Stage | Focus | Round Size |
|---|---|---|---|---|---|
|
ZGI Capital
VC Fund
|
2 | Latvia, Estonia, United Kingdom | Seed, Debt Financing | Manufacturing, Consulting, Construction | $55k–$981k |
|
Expansion Capital
VC Fund
|
1 | Latvia, United States, Norway | Seed, Debt Financing | Manufacturing, Software, Logistics | $125k–$2.4M |
|
Luminor Bank
VC Fund
|
1 | Latvia, Italy | Debt Financing | Baby, Drones, Retail | $1.1M–$8.7M |
|
FlyCap
VC Fund
|
1 | Latvia, Estonia, The Netherlands | Seed, Debt Financing | Health Care, Rental, Medical | $55k–$2.9M |
|
Luminor Latvija
VC Fund
|
1 | Latvia | Debt Financing | Baby, Retail, Children | $1.1M–$155M |
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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.
Show more...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.
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.
Show more...Investment focus
- Industry: Manufacturing, Software, Logistics
- Stage:Seed, Debt Financing
- Geography: Latvia, United States, Norway
Investor stats
- Total investments: 42
- Round size: Seed $200k–$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.
- Willow Wealth — Willow Wealth 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
Luminor Bank offers a range of financial products including the Luminor Black card, consumer loans, housing loans with lower interest rates for energy-efficient homes, and free debit cards for kids and youngsters aged 6 to 21. New customers can enjoy the Luminor Black card package free for the first two months. Additionally, they provide serviceslike easy remote onboarding and access to partner discounts through the Luminor Plus Club. The bank also promotes its II Pillar Pension Funds for savings and retirement planning .
Show more...Investment focus
- Industry: Baby, Drones, Retail
- Stage:Debt Financing
- Geography: Latvia, Italy
Investor stats
- Total investments: 4
- Round size: Debt Financing $1.1M–$8.7M
- Lead/follow: 100% lead, 0% follow
Portfolio highlights
- hoppekids — Hoppekids designs and sells furniture and accessories for children’s rooms, focusing on beds, storage, and complementary décor. The company offers a wide range of children’s beds including junior beds, mid sleeper beds, loft beds, bunk beds, house beds, and four poster beds along with matching bed accessories. Hoppekids also provides desks, chairs,shelving systems, wardrobes, toy chests, and other storage furniture for children’s spaces. Its assortment includes mattresses, baby furniture such as cots, cradles, changing tables, and playpens, as well as bedding, cushions, play tunnels, and themed bed textiles. Many products are made from solid pine wood and some bed series are TÜV-certified and Nordic Swan Ecolabelled. Hoppekids sells its products through its online shop and selected retailers.
- APSA BŪVE — APSA BŪVE operates as a construction and design enterprise specializing in building reconstruction, infrastructure modernization, and turnkey project execution. The company's business model centers on the public sector, providing services primarily to municipal bodies, state departments, and government-controlled enterprises.
- Berzins Investment — Berzins Investment is a real estate company, It leases and manages its own portfolio of 12 commercial and residential properties in Riga, while also providing tenants with full architectural design, custom renovations, and construction services.
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.
Show more...Investment focus
- Industry: Health Care, Rental, Medical
- Stage:Seed, Debt Financing
- Geography: Latvia, Estonia, The Netherlands
Investor stats
- Total investments: 30
- Round size: Seed $55k–$2.9M; Debt Financing $329k–$2.2M
- Lead/follow: 40% lead, 60% follow
- Last fund: May invest from a new fund soon — raised $18M 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.
Luminor is the third-biggest provider of financial services in the Baltic States and the top independent bank. Our objectives are to promote change, engage with society, influence the economy with an eye toward the future, and benefit the area.
Show more...Investment focus
- Industry: Baby, Retail, Children
- Stage:Debt Financing
- Geography: Latvia
Investor stats
- Total investments: 5
- Round size: Debt Financing $1.1M–$155M
- Lead/follow: 100% lead, 0% follow
Portfolio highlights
- hoppekids — Hoppekids designs and sells furniture and accessories for children’s rooms, focusing on beds, storage, and complementary décor. The company offers a wide range of children’s beds including junior beds, mid sleeper beds, loft beds, bunk beds, house beds, and four poster beds along with matching bed accessories. Hoppekids also provides desks, chairs,shelving systems, wardrobes, toy chests, and other storage furniture for children’s spaces. Its assortment includes mattresses, baby furniture such as cots, cradles, changing tables, and playpens, as well as bedding, cushions, play tunnels, and themed bed textiles. Many products are made from solid pine wood and some bed series are TÜV-certified and Nordic Swan Ecolabelled. Hoppekids sells its products through its online shop and selected retailers.
- APSA BŪVE — APSA BŪVE operates as a construction and design enterprise specializing in building reconstruction, infrastructure modernization, and turnkey project execution. The company's business model centers on the public sector, providing services primarily to municipal bodies, state departments, and government-controlled enterprises.
- Timbro — Timbro is a forestry technology company that offers forest management, property acquisition, and consultation services.
Retail VC funding in Latvia at a glance
Stats across 5 deals from 5 investors.
Access all 5 VC funds in Latvia Retail startups.
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