# Top 5 Retail VC (Venture Capital) Funds in Latvia in August 2026

## ZGI Capital
- Type: VC Fund
- Location: Riga, Riga, Latvia
- Relevant deals: 2
- Stages: Seed, Debt Financing
- Focus: Manufacturing, Consulting, Construction

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.

## Luminor Latvija
- Type: VC Fund
- Relevant deals: 1
- Stages: Debt Financing
- Focus: Baby, Retail, Children

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.

## Expansion Capital
- Type: VC Fund
- Location: Riga, Riga, Latvia
- Relevant deals: 1
- Stages: Seed, Debt Financing
- Focus: Manufacturing, Software, Logistics

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.

## Luminor Bank
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 1
- Stages: Debt Financing
- Focus: Baby, Drones, Retail

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 .

## FlyCap
- Type: VC Fund
- Location: Riga, Riga, Latvia
- Relevant deals: 1
- Stages: Seed, Debt Financing
- Focus: Health Care, Rental, Medical

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.

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